Should I accept lower Cash Flow?

[Hardy Davis]

Todays 30 year fixed rate mortgages are an astonishing 7.1% Based off that I am finding a lot of properties that, if at a 3.5% interest rate, would have a great 9% C on C return. Unfortunately at 7.1% I am seeing basically a 0% C on C return. Is it worth it to take a lower return and hope to refinance later? At least I will build equity and have some tax advantages, or even pay a lower price as a result of the high interest rates. Thanks for reading and please let me know what you smart large pocket investors are thinking for investing in this market.