To wait 2 years for an awesome deal or do a deal before then?

[James Barnes]

Back story: Since joining. my plan is to rent my current single family residence out and hopefully make 200$ in cash-flow a month. To do this I would obviously need to purchase another house at a below retail deal, live in it, fix it up, and then do the same to the next residence(rent it). My mind has been focused on finding the right deal within about 30 min of driving distance from my house. I've made a relationship with a realtor and a lender as well in the meantime, already pre approved..yadda yadda yadda.

Here's my dilemma. My mother in law has a property that she is "tired of taking care of", She currently rents the home out and is just fed up with being a landlord. This home is about 2800sq ft, has a two car attached garage and is on a beautiful 6 acres of land. The house is easily worth on the lower end, upper 300's and on the upper end, around 420k. She currently rents the home for 1600(very low IMO) a month with the tenant pretty much taking care of everything besides major appliances(tenant puts up 50% if something breaks).

She is going to offer us the house at close to 50% value with 80k financing from the bank(she still owes 80k on it) and the rest, seller financing(her financing us) at a 1% interest rate.

Her tenants just signed a lease for an additional 2 years.

My question(s): Would you guys advise me to wait the two years to invest in this home?(remember, I am going to be living in this home)

Should I invest in another property in the meantime and get this one as it comes up in 2 years?

I'm afraid that I wont be able to make the deal happen in two years if my money is tied up in another deal somehow or someway.

My wife and I could use the two years to save up for a massive reserve fund(for both properties) for ease of mind in those two years.

I also don't want to wait 2 long years and feel like I'm putting my "goals" on the back burner...

Thoughts?

Thanks

James