Buy now with cash? Or wait to finance.

[Joey C.]

I currently have 50-60k to invest in my first rental property. There are many single family homes and condos for sale in my area listed anywhere from 40-70k. Here is where the question arises. I was discharged from a bankruptcy (chapter 7) over 2 years ago and have to wait the full 4 years before applying for a conventional loan. Should I be patient and wait another 21 months to get a mortgage or jump right in with cash and go for it. Currently very interested in a 3bed 2bth colonial with a huge lot and 2 car garage for 50k. Your opinions, comments and advice are greatly appreciated.