There's a lot of guessing on the expense side, but I suppose the rather substantial condo fees at least mean I don't have to worry about big repairs like roof or anything.

She wrote back that he told her he received a "substantially" higher offer and that the very day he attempted to cancel his counter offer to me 9 hours early, he went into contract with another buyer.When I received the e-mail containing his written withdrawal of the counter I thought "oh well, that's that" and initially thought I had lost the right to accept his counter offer. 

But again I don't quite see why people would sell for substantially less if they could get more in the open market?

If you have a well-maintained unit in a decent area, your tenants will want to stay, even if the increase is substantial and it is within market rent.BTW, prior to purchasing, ask the owner for copies of the most recent utility bills, tenant estoppel certificates (signed paper from tenant stating financial terms of the lease) and CLUE report ( A report that lists if any insurance claims have been filed against the property in the last 7 years) to ensure property is insurable.

Yes they are old and many need substantial work, but you have a major advantage over people living in more expensive areas of the country, not to mention a great supply of small multifamily homes.

(Again, if you have not read this document you really should as you could be found guilty of unintentional, but punishable discrimination)Section B"In the second step of the discriminatory effects analysis, the burden shifts to the housing provider to prove that the challenged policy or practice is justified – that is, that it is necessary to achieve a substantial, legitimate, nondiscriminatory interest of the provider.  

Also what amount of money is a substantial amount to be considered a private lender.

This is a substantial error and sets the scene for thousands in lost rent and lawyer's fees to get them out.

My credit score is highly important to me however I could eventually pay all my debts off in a matter of 10 years along with substantial income.

Offer them a substantial non-refundable option fee to show I’m serious, deductible from purchase price, then use the option period to either find a cash buyer to flip it to or find suitable financing for myself to hold it.