Since I only have money for one flip at this point, I've accepted the counter offer on the 2nd home (they countered the exact same purchase price, but changed some of the closing terms).

I would not be interested in your counter offers based on repair issues after inspections and would move on to the next buyer.

In their verbal counteroffer, they said they will drop about 5K off, that they would rent it instead of selling, and now we’re only 91K apart.I will have the agent tell them to put their counter in writing, as per the contract.

That's why I'm confused when people say they'll get a counter offer.

How long to wait before sending in counter offer.

I am currently awaiting a response or counter offer from the sellers.

My counter offer went in with the requirement of showing offers with willing and able buyers at a $1,000 over the highest offer, basically what the deal was, with proof of offers, it came back accepted at $1,000 over my last offer! 

So I believe I can counteroffer their counteroffer?

Having that counter offer from the bank would be interesting, it opens alot of doors.

I expect a counter offer from the seller.