Some risk is OK, but too much is gambling.

Brandon always mentions that appreciation is like gambling and a speculation.

But for many REOs, as @Jon Holdman states, the seller may want you to use the title company they are already working with since they have already paid for the title work that has been done.One issue you may encounter is that the title company the REO asset manager has chosen most likely will not allow same day back to back closings using transactional funding.

Bidding on a property without seeing it is always a gamble.

You have to control or know as many of the issues as possible, otherwise you're just gambling. 

Like in gambling, the house always wins over time.

Put them at market, if they leave find a new tenant before they move out and reap the benefits of full market and a tenant you have chosen yourself.The purpose of being in business is to make money.

If to speculate just on appreciation, then you have to ask if you are even investing or just gambling?

For me, in Oklahoma, we do not experience high appreciation rates and for that reason I have chosen to leave the single family rental game in my past and begin to focus exclusively on multi family deals.

If you were a seasoned investors and knew all the risks you might encounter, that is a gamble you might want to take.