The longer you wait the longer you are going to be without getting rent and then fix the damages in the apartment.

If you are a small investor like me then you can certainly buy in the path of development and wait for the area to go up.

Thanks can't wait to hear your responses!

I didnt wait for something to be sent from a broker, overpriced, or to see it on loopnet. 

I was planning to do an "as is" contract with the tenant but would be willing to spend a thousand dollars for minimal needs but certainly not four or five thousand for bugus FHA demands.

I have a few thousand saved and some 401k money doing practically nothing.

You still can but just keep in mind it's easier if you wait for a recession.I'm a big fan of both methods you mentioned.

As long as your rents are good and you're getting the types of properties and tenants you want, this simplifies THINKING about it such that you don't need some crazy calculator and excel sheet to do the analysis on the purchase side.My view is that is much better time and thought energy spent on the actual construction as there are a thousand ways to control costs and bring value in a rehab.

Or did they wait to receive a quote and countered that letter? 

But that will be thousands, so your property might not be able to afford it.