I had planned to attend a local REIA meeting last night but certain circumstances prevented me from being able to attend.

Especially in a market quickly moving upward (both price and rents), a lot of investors haven't analyzed the old (then-too-high) listings in light of the current market, the listing agents usually aren't getting many calls, and the owner may not realize how much the market has moved, or circumstances have changed and they just want to get rid of it.

If the borrower can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years.FHA requires borrowers who weren't paying their mortgage when they sold their house to wait three years before they can qualify for a home loan.

It is an exceptionally useful tool under the right circumstances, but can present some tricky problems. 

Just wanted to throw out some of the disadvantages too, although these didn't stop me for my circumstances..

Congratulations on facing the newness and the circumstance. 

Under what circumstances would one of these strategies be more favorable than the other when acquiring an investment property?

Time and circumstance changes everything.

I've never really been in a position to put it into practice, but circumstances have changed and I'm trying to decide if now is the right time.I'm considering investing with a long-term buy and hold strategy for cash flow properties.

Yeah, I'm planning on commercial financing, but I guess I'm just wondering under what circumstances a commercial appraiser would use a method other than the income method?