If you find a property that fits your needs and the market is favorable, waiting for a potential rate drop might not be worth the risk.Personal Financial Situation: Your current financial health and readiness to purchase play a crucial role.

You might also have to look into licensing in order to manage someone else's property and see if that comes in to play and how much that might cost.The next question, once you realize what your potential cash flow from this will be, is if the time you spend on it, worth the extra cash you will get.  

More over due to fact it's just appreciation/equity play's, adding an amplification to that risk, and now with threats to active income, yet another amplification to risk factor. 

Do I know how this will all play out ? 

Sounds like some of the folks on here are under playing the true status of the SWFL market...

You'll have to pay rent regardless, so you need to consider that you would already have that expense, along with the fact that you'll get the benefits of principal paydown and asset appreciation (especially by leveraging).Acquire the asset and perhaps focus on something you can add value to, then you'll have a 100-200K equity chunk to play with in a few years when the market accelerates again.

If you told him you have been playing pickup games for the past year and need help improving your jump shot, now he has evidence you're motivated and a specific goal he can quickly help you work towards.

He played dumb, telling me he told me from the get go that the initial inspection was all we were getting.I would have never taken the deal if that were the case!

If your network likes the pure equity play, you should offer that.With the "debt" financing, are you planning on using this as your mortgage, with no "traditional" mortgage ahead of it?  

Just eliminating some perks for the folks that don't play ball.