There are different levels of engineers to use based on asset (ie single family vs a 20 story high rise).

With the rising occupancy in PCB in low season it did not make sense any more to rent out my condos on a low monthly rate. 

If you are in a rising market, then it will likely be really hard to save faster than the pace of appreciation.  

Looks like your best case scenario is that you will break even when you rent it and chances are if you only use inflation for rent adjustments the HOA fees will eat that as you go, so it will never turn a profit and the only way you make money is if there is appreciation.

Both homes are luckily in an area that the home prices are really starting to rise pretty fast.

The difference is that in years preceding a dip, a CA asset will appreciate significantly whereas a midwest/rustbelt property will not.Check out some of @neal bawa's webinar's and data points, specifically "Real (inflation adjusted) Price Gains".

They simply park money for a return that beats inflation and look at equity multiple gains in 5,10,20 year outlooks unless someone comes along and buys them out for more than what they paid sooner.As mentioned you could also have someone in a 1031 looking at a huge tax penalty and 1 week left and decides a high value long term dirt play even if yield is not initially there might over time blend the return up so they go for it.  

Sure, they will credit some of the above market rent toward the purchase price, but keep in mind that the purchase price is likely inflated to begin with, and if you fail to close out the deal you get none of that money or your option fee back.In short, it should be called one of the riskiest ways to buy a home.Now if you can find a one off Seller who is simply willing to rent to you until you can close out the purchase, then you may have something. 

And they'll use this tool to do their best to create inflation.  

I am a licensed agent and work in new construction so I was able to get discounted pricing on the renovations - I would estimate it would have been a $40k-$50k project for the average homeowner.This is a luxury high rise building built in 2008 in Buckhead that has very few 1 bedrooms.