First timer. How do you flip in a "potentially"declining market?

[Joey Chrisman]

First time investor here.... well I have owned my own house since 2010.   I have experience renovating my own home as well as adding on an addition... hired a general to get the project off the ground at first but then did the general contracting role once the framing was up.  Kind of surprised at how relatively simple building a house is after you see it done.  

Anyways I'm in the Phoenix market and I'm finally starting to see some deals popping up. Im looking for a property that requires some fixing up and or significant fixing up/additions. My question is how do you base your purchase price of the flip when the market is potentially declining? Is it best to just sit out the market for a bit letting the market simmer a bit for better deals or does it make sense to be making offers building a buffer for a potential decline in the sales price... I wouldn't mind finding something for a rental but damn... the cash flows seem like they suck even with a 25% down payment at todays rates on say a 350k SFH. What strategy are you guys using to profitable pick up rentals/flips/fixer uppers. Thanks!