It also depends on what you are going to do with the proceeds should you sell it and the prospects for appreciation/rent growth for the property in the short and medium term.  

I explain to the prospective tenants that in exchange for lower rents I expect tenants to adhere to maintenance rules such as yearly carpet cleaning, monthly house cleaning, AC filter changes etc.

If you wait until the correction you will not have spent the time to know the market or develop the broker relationships so you can take advantage of an opportunity when it shows itself.

But the prospective tenant is having trouble getting it to work.

You don't want to strain any relationships with the seller or else you could develop a bad reputation. 

I'd love to develop a clean, open, legal, and comfortable win-win situation for these sellers. 

I'm also hoping for the opportunity to help out fellow investors so I can gain some of their insight and learn along side them as they develop their portfolios.

We have been flipping and assigning contracts in Columbus, OH and are looking into development. 

Get insurance and an attorney  or other professional that can help you develop an asset protection plan. 

I am investing in a military and college town with many manufacturing plants as well as plethora new business developments.