I am not willing to gamble that much to be the one that ends up being the case law around it.

I won't gamble money that my family needs for the necessities, but the money I'm using should go to paying off bills and filling an IRA.

Its hard to gamble with downtown right now when there is some very strong potential just in the normal market.And when you state that the current projects are doing fairly, if not very, well, I think that is very relative also.

buying re, and basing all your profit (and success) on the possibility of it appreciating sounds more like gambling then investing.

Then, they are going to agree on an option price that's above market *and* doesn't mind putting down a 5K non-refundable deposit to take the gamble that he's going to be able to fix any problems that wouldn't allow him to buy that house outright in the first place.

If you are gambling on the property appreciating then you are just gambling.

but guaranteed appreciation isn't likely, so you're really kind of gambling...

Now, if there is some concerted efforts by foreigners to buy up Detroit, that is interesting, but a huge gamble IMO.

I don't want to buy when everyone else is, so I am turning my attention to different ventures, I will still look, but will have the freedom to stick to certain parameters without worrying.I can't justify owning over renting down here, which my wife isn't exactly thrilled about, the numbers for OO (owner occupied) or NOO (non owner occupied) just don't make sense.Andrew

You can head to Colorado/Utah if you like skiing or Montana for wilderness, Vegas if you like gambling/nightlife [might not be the best idea since you have a 14 y/o traveling with you]My friends got some nice deals on Kayak (check out the vacation tab).