You (and I) need to research and figure out the right ways to play the game in the current economic cycle so we can ride the waves, no matter how them come.

So just play the role and terminate their lease when needed.

Not sure where the rate and term is coming into play. The

Buy a small multi fam and live for free. 3rd option is to play the money man in a partnership.

Should I play the long game and wait it out and struggle through the first couple years since this area will definitely appreciate and rents will grow?

I would not play the game in the City.The County is more lenient and I just attended a zoning discussion on STR's.

You have a few items to play with here; LTV, Interest rates, Term of the loan, and the impact your credit score and PFS might play. The

You have 7777 votes - go play the lottery. 

So you have to think about how to hedge the bet as you have to play the game, and not try to time the peak or bottom, as your more likely to miss it than hit the mark.So tighten up your numbers, shave advertised rents a little or a lot, and ask them to give you the property for a dollar and buy you lunch, joking on the last two.

Well, if you are ok with the following caprates then this would have been your price points:8% - $96,0007% - $ 109,7146% - $ 128,000I always shoot for 10% - doesn't mean you are going to get it, you need to know the area, any lower than the 6% you may as well play the stock market.Sorry to hear about the other offer, but as mentioned above by Lisa, I wouldn't get discouraged, just keep looking.