But speculation is not a good investment strategy so there is that.

In short great to speculate hard to actually invest based on that. 

Hoping for appreciation is speculation - you may come out with way more profit, you may not.

(this is speculating). with the equity, it would allow you to pull out say a HELOC and use the cash for flips if you're interested in that or a larger down payment on other properties.

@A.R Shakir Totally amateur speculation here so take it for what it's worth.That's $340/sq ft.

1.EquityIt's not a surprise that the stability in the market over the past decade since the sub-prime crisis can be linked to the elimination of NINA and NINJA loans.When investors must have a skin in the game,speculators leave the industry for the real professionals who actually know what they are doing.Speculators belong in Vegas.True professionals don't hold 90-100% of their portfolio with less than 3% equity.That's a suicide party waiting to happen.We are not a fan of this whole "creative financing" and "No money down (NMD)" movement on BP.It's cool if it helps gives some average Joe their start in real estate,but when it becomes your sole strategy,you will surely get eaten when the apocalypse arrives.We currently hold all assets in a 25% Equity position.You don't have to be the only one coming up with equity.Find partners.Skin in the game is where it's at.There's a good reason banks talk of LTV and DSCR  when you apply for loans.The new government may get rid of all that as part of the coming repeal of all those "evil" regulations.Currently,on many of our duplexes,rent from one unit alone covers the mortgage payment.We believe that to be almost recession-proof.2.Location!

With limited information, I am speculating.

To answer your question directly your pre-approval letter is generally only good for 90 days so even if you did qualify you would have that window where you would have to hunt for the perfect property that met all your criteria, and honestly in our market right now for a multi you have a varying chance of getting your offer accepted because you will most likely be competing with other cash offers (Especially in the West End area right now, a lot of Beltline speculative investors).

Sound sounds to me like you want to speculate in real estate, not invest in real estate.I live in Dallas, but I am looking in more linear markets for my next purchase.

I've now been focusing on investing long term and less on the speculative futures/options markets.Just recently I started a vinyl cutting business to make deals for the local car scene and now has expanded to Philadelphia for an aerospace company...