Maybe Seattle will appreciate more, maybe it'll slow down or even go backwards for awhile, but if you're not cash flowing in the meantime it sounds like that's a gamble that's more trouble than it's likely worth.

If you are willing to gamble your earnest money, then that is fine.  

So a realtor is a big gamble at that point. 

If you're investing in the stock market, thats a bigger gamble in my opinion.  2008-2009 is a prime example.

Are you willing to bet that return on the capital you have in this property will outperform other investments (RE in CA, RE out of state, stocks, bonds, bitcoin, sports cards)?

To echo what others have said, I also think that buying only for appreciation is gambling.

Our metro is unusually large, has two professional sports teams, and is also benefited by an eclectic variety of industry.To add to that, the affordability is extremely attractive.

I owned a bar with an apartment in the Dominican Republic when I went to college and It was so frustrating to be so far away and have to rely on local boots on the ground to relay data (in fact the manager spent all my cash for the project on a gambling Christmas cocaine party, ended up in jail and my boat got stolen by some Haitians trying to migrate to Florida but thats a whole different story).

A handful allow a month or more...not day by day....some people say renting 30 days or more to one tenant can change the STR to someone with tenant rights, so some operators won't do that.I've also seen condo associations prohibit or restrict even LTR, so that does happen.You could be entirely right that state law supersedes HOA CCR and R&R, but is that a fight you want to fight and pay to fight and gamble on big lawyer fees?

I think that is the biggest gamble here.