There's a tenant that's month to month, rent is at least $800 below market rent, so I told the seller I need that unit to be vacant.

Commercial RE is a bit more strict than the residential market which has more options available due to flexible housing regulations in place to make it easier for people to buy their primary residence.1) Family and friends.

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

If anybody local (especially other wholesalers) or anybody else even out of my market wants to connect, feel free to reach out!

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

Would this be the ideal market, or are there other rental options we should explore? 

Usually turnkey operators suck the equity out of a deal and sell at or above market so there goes the equity. 

The financing will then dictate which markets are and aren't within your budget.

Well, yes, some properties may require complete work, but others may just need cosmetic things to bring them back on the market.

I am local to the Memphis market here and like others have mentioned communication is key.