if you both signed the amended and she has not provided yet and that date has passed then it sounds like you have a leg to stand on and can start looking for other renters, without knowing what state your in or what all of your paperwork looks like it is kind of hard to speculate.

The banks didnt wreck them the market and levered speculators did.

Trying to wait it out until another downturn is very speculative. 

You basically are doing a spec (meaning you're building speculating someone will buy) , custom home.

Is it a mini-speculative bubble all over again?

Investing for the primary purpose of appreciation is just speculation.

Some people may not want to pick up on a non-paying tenant, but this is an OPPORTUNITY to take over a situation that someone else doesn't want.You could speculate all you want about the situation but if you are really interested, you need to find out all the information.

thanks, @Brian Burke - that explains it - the numbers you've all been discussing above are highly speculative, particularly in today's financial climate - I'll take the "low" (10-16% net pre-tax cashflow p/a) that we've been seeing in our condos over the risky potential discussed here any day of the week, but I do realise it takes all sorts.

The stock market rally is pretty long in the tooth, bonds are yielding next to nothing, and commodity speculation isn't appealing to me.Due to this, I am considering purchasing my first investment property to rent out.

Not based on speculation or low prices, but, based on facts, numbers and alignment with your future goals.