This isn't like an SFR, the seller probably won't be getting a lot of action and if they decline a full inspection contingency, that would be a huge red-flag in my mind.

In 2013, average condo prices dropped 5.6%, followed by a 7.3% decline in 2014.

I am feeling as though we are at the top and worry about a decline.  

I'd say if you don't want to manage the rental anymore, then you should consider selling as opposed to letting property go into decline and using bad or expensive contractors.

Are you in a inclining or declining market? 

I have an investment property I purchased about a decade ago with an older family friend right at the peak of the market and then as we all know around 2008 with the real estate bubble burst the value of the investment declined drastically.

Refurb bathroom, backyard, & keep tenants in the home) Parents are capped on properties as of yet (7) so they regretfully declined the opportunity. 

Might it be a mistake to purchase a property with plans to brrrr if you anticipate a market decline?

You should be able to approve or decline a tenant without any info from a former landlord.

If the lender declines you, you locked it up for too much.