In a softening market you really need to be patient and wait for the right deal.

After doing research it seems like the hardest part is first the tenant buyout, then figuring out the construction costs and sale price per unit in a softening condo market.

Buyers are adopting a "wait and see" mindset, so you may find the market softening significantly, with many buyers postponing their home search by the time you finish your flip and list it. 

Couple that with an overall softening of the real estate market and the potential for mortgage interest rate hikes, and it adds up to a good time to sell and invest in areas that are more free market oriented. 

Also it prevents you from upsetting the Seller when your numbers are significantly lower than their numbers you can soften the blow by outlining why your offer is so low. 

However, go in being comfortable holding on if we have a slight softening.

It's better to not buy anything if it doesn't meet your criteria rather than regret the purchase.When the market softens and turns (we don't know if it's this year or next year), you'll be glad that you waited!

Tax refunds help soften the blow a little I have found.  

Coastal gateways will soften (some by a lot) while many other areas of the country will continue to grow by 1 to 3%/year simply because they didn't boom (so they won't bust either).Midwest: so far so good in our markets here in Indianapolis and surrounding tertiary cities.

The housing market is very hot now and there is a good chance that the market will soften soon.