The timing has to be right for BOTH you and the market you are looking to be involved in and the numbers on a specific deal have to ultimately make financial sense.  

I want to built a nice looking house for an affordable price that will ultimately bring value to my restoration and bring a nice profit. 

If someone owns a property free and clear and rents collapse by 90% even, they can survive.

Otherwise, Hawaii will survive and those who invest wisely will do well.

Then most recently in Jan. 2018, I dove into E-myth Revisted, (of course) Ultimate Guide for beginners from BP, The Richest Man in Babylon and the Millionaire Real Estate Investor.

Our regulations are also very pro tenant and to survive you learn how to bend the rules to the breaking point.

@Joe Prenger if you're ultimate goal is to raise rent AND keep the long standing tenant I'd suggest a gradual increase rather than a large jump.

Also, the seller may require specific types of insurance to protect themselves but ultimately another bit of YOUR leverage should be that he will have the opportunity to foreclose on you if you don't meet your end of the deal.  

Value add to me are items that will actually raise rent or lower expenses that ultimately raise the NOI.- Reducing utility expenses through either separating meters or if you can’t, convert all fixtures to low flow.

If you buy a deal that can't survive a correction, it's a bad deal.if it's a good deal, buy it....buy it RIGHT NOW.Passing on opportunity is FAR more risky than anything else.