My wife and I are looking a buying a property from another investor that is a bit unusual. 

Not sure why you would wait during uncertain times.

They figure, and probably correctly so, that going after the assets of a borrower in another state is going to be costly and uncertain. 

I actually prefer text for the most part, there are a few exceptions...those are the unusual circumstances.

@Matt Arden depends on a few things, but it's not unusually high

The market in my area is insane and I do not want to miss out on this property which meets the 1.2% rule (not unusual for my market).So, here's my question.

I put an offer on it for full asking price which was unusual for me since I usually start lower than asking.

If you find a bank that will accept it, you've found and unusual bank.

Would you wait another 30 days to make the offer, or use the unusually late settlement date?

Some of them - though in our experience, not always the same ones - offer secured lines of credit on rental properties, though not to the same LTV as on an owner occupied property.I am uncertain whether your residency would be a factor in the availability of an LOC (it can make a difference in the LTV level of a mortgage note).