The banks get personal guarantees so will stick it to you as interest rates rise on a short term loan when it comes time to extend the loan.  

Also, are you concerned about a market correction or steep decline in property values coming or in your opinion is the current rise sustainable?

Here's where I digress: I believe that rentals will become increasingly relevant as interest rates rise and stock market corrections take place.

I'm wondering if I should buy an alright deal before a rate rise or be patient and find a great deal even if there is a chance of the loan having a higher rate.Thanks,Branden Smith

-The housing price market is rising, competition between investors has skyrocketed, and the competition will continue to increase. 2) How does one excel and stand out?

They do offer particular risks such as rising condo fees, special assessments, rules created by the condo board.

Unless you are getting a stellar deal, I would recommend staying away from high HOA fees as they may rise (which I am now seeing first hand).

I would want to also look at the current market price to confirm the LTV, I have seen people market properties that were upside down with inflated LTV numbers. 

It's not a deal but understand this.5% is not enough down.The seller has to pay a commission to the broker and replace their cash flow if the property is making money. 10 to 15% is more reasonable as it helps seller pay for commission and closings costs with attorney or legal and puts a little jingle in the pocket.The 10 to 15% is still better than the bank at 20 to 25% down with short balloons of 3 years and 20 year amortization rate.Sellers often think since they are offering owner finance that they can sell a crappy deal at an inflated price to a buyer and it is acceptable.

Plus there is enough demand to support the rising prices.You would be better off looking for off market units or trying to hook up with a bank/financial company and getting them before they hit the market.