Think of it this way,You could buy a home for 2.2 mil todayOr wait for a downturn to reduce the price by lets say a modest 10% of 2.2 mil That's 220,000 in savingsDivided by your "wasted" 4,000 a month in rent55 months.You could keep renting for 55 months or 4.6 years waiting for a downturn and break even if prices fall 10% I would keep renting.

The house is in a solid location but with it being just 2 bedroom the rent ceiling is probably not really very high if you plan to keep as a rental. 

If you do, great, don't waste time on it.

If you do that plan on plenty of people wasting your time and the ones that do end up buying something you will be break even or at a loss making up for the lost time dealing with the flakes.

As I think I have a way of using private money lenders, to loan me the deposit to buy an owner occupied duplex, on pretty favourable terms but I'm unsure how to structure the rest of the financing and I'm just looking for some clarity.I believe I can borrow around 20% of the total to get a solid deposit down and then my question is, do I then go to the bank on top of that for loan for the mortgage?

On the surface, it looks pretty solid

If you can't verify it, I wouldn't waste much more time on that particular applicant. 

And that got to me - that I came on BP tonight to catch some new pointers, and saw some discouraging messages.Well here's what I have to say to everyone who has people telling them "you're wasting your time", "the market is too competitive, you'll never find a deal", "you have to have more experience"You know what?

Just enough to avoid  PMI, which is a total waste at $75/mo per $100k borrowed.If I could find stable assets like you mention that are 1.5% producers I'd buy as many as possible at today's resi rates.

I want to begin wholesaling in this area and I'm here to network with people who know the area well and want to form a solid relationship.