If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

@Cory Gamble do you have their contact number

.: Quote from @Travis Biziorek: I agree with a lot of this but recognize there are exceptions.Equity is absolutely where it's at.

Sometimes they take a creative eye to recognize. 

I would wait a while to get them at a discount but with condos, it always feels like a gamble because of future assessments, fee increases and difficulty getting a tenant approved in a timely manner.

Are you willing to gamble your life and those of your family on, "being accountable for your rentals", "being a good landlord", or "maintaining your properties correctly and being decent to your tenants"?

I have a nearly perfect credit score and I'm gambling on that for my first project.

FYI-  for a long term rental, a lender will consider the income right away (75%) if there is a signed lease agreement or an appraiser' estimate STR/MTR Income Must Show Up On Your Tax Returns- Before a lender can recognize that income for underwriting to offset your DTI, they must see it reported on a schedule E on your most recent tax returns. 

They need to recognize the problem cash for keys (for poor behavior) causes and recognize evictions are an expense related to being a LL.   

It can still work in niche situations but I think it is a grind and you gamble time and money.