I have always been pretty frugal and think some things are a waste (gambling or designer clothes) but some things are worth the spending (travel)  I was actually in Vegas this past weekend with some friends who were gamblers.  

Well, that's not investing my friend, that's gambling, and ANDY IS THE HOUSE. 

There is always an opportunity cost with waiting or trying to gamble. 

Prices stopped climbing, unemployment grew, and individuals sud denly realized that they were no longer holding on to investments but rather playing in the world’s largest game of legalized gambling—and they had just lost.

Unless you just really like gambling or have money to burn, in which case, by all means - roll the dice if that's your thing.Further - contractors and suppliers are SO damn busy these days with all of the construction going on around here that getting a renovation of any real scale completed correctly or a new construction job done is a very serious challenge in and of itself and takes a great degree of skill, care, TIME, connections, and probably some luck.

At the moment it looks more like gambling.

A gamble.

The short-term rental enforcement guy for the city says they're getting a lot better at catching folks, so it's a gamble on that front as well.Good luck!

I certainly like my position.Development is BIG time gamble but when it works boy does it work.. 

Lots of cash buying in the area.I have also seen some financing buys that must work out to be pure equity/appreciation gambles in that area.In the event that you DO fine a price point that works you will likely have to compete with a favored cash buyer.