Wait for the market to soften then buy.

It's a pretty good time to be a buyer... prices have softened, inventory has risen, money is still cheap.

There are other market forces (demographics)  at work that are countering rising interest rates currently, and they too may also overcome and economic softening, which is typically felt harder in single family residential than multi. 

BUT....with inventory building, prices will soften.   

As long as interest rates don’t climb and house prices don’t soften you should break even if you want the experience. 

The market seems to be softening. 

The higher rates could soften the demand a touch and maybe the bidding wars will calm down a little over the next year or two..

In our area the market started softening in April of last year, so we've been in a much worse market for almost a year now and have completed 3 or 4 flips in that timeframe while making adjustments as we go.   

They deferred principal or something silly more than likely, essentially not eliminating or softening the burden, they just kicked the can down the road to make it your problem.

I always try to be as collaborative and empathetic as I can possibly be while still protecting my buinsess interests: sometimes a conversation goes a long way to soften the blow.