I’m not so risk adverse that I don’t want to buy something in the next 12 months, but I don’t want to gamble it all away by being over leveraged.

Investing is gambling. 

The hands on aspect of real estate is literally the best part, sometimes the stock market can feel like a gamble.

I don't think these numbers work to begin with and using appreciation as a banking factor is kind of like gambling in Vegas.

This is what actually Is costs you to get your equity, you are paying every month out of pocket.look your property looks good if all 4 units where rented your analysis that it will appreciate with out doing any value add is a bet on appreciation and rent increases year over year is a huge gamble and only pays off when you sell and if you sell at that price at the right time. 

Each industry I researched turned out to be more of a gamble than an investment.

If you are Joe Schmo they don't know anything about it's a huge gamble for them to recommend to the seller to take your offer.  

One should never rely on appreciation to make their profits, this is somewhat a form of gambling.

Stock is a bit of gambling, I rather owning a property and renting it out.

Gambling, black jack, cards... numbers game = luck!