If you are going to test the market with a new standard, be patient.  

I'd rather pay the tax bill and be more selective and patient in buying.

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

Another cool thing about hard money lenders is they work like a safety net.

She spent countless hours on the phone—with me, the city, contractors, and other key players—to help find the best path forward when she didn't have to.What I Learned:Insurance is your safety net: Always double-check that you have the correct policy for your project type. 

Health and safety inspections don't seem to care much about zoning or permitting issues.

Investors who take a patient, forward-thinking approach can still reap substantial rewards.

I know, nitpicky, but if you have a chance. might as well make it perfect :-)Be patient, if your area is a popular one, you will definitely fill up and stay full.

In a pricier area, or if you’re banking on a perfect scenario, that cheap credit can suddenly get very expensive.I’m curious... if you went down this route, what kind of safety nets or alternative strategies would you have in place in case that perfect timeline doesn’t pan out?

Be patient and stay focused.