If you don't have the courage to buy in a hot market, you won't buy in a down market, when people are loosing their jobs and money supply disappears."

Rentals are in short supply and most property managers I know have waitings lists, vacancies are very low. 

We are at the height of the market and with rising interest rates, property values will taper off of decline (even with limited supply). 

Your seller is already up 300% in 12 years (not including rental income or usage) lol But really.. most negotiations fall apart even before due diligence, if there is a potential problem in the deal, the appraiser, lender, inspector, insurer, brokers or market will point it out and provide clarity on the primary variables during contingency.   

Rate may be fixed or variable.

So to that end we would supply the up front cash to build and the government would pay us upon completion taking away the whole draw process. 

The problem with this is two-fold: irrational actors are of limited supply and might only remain irrational for a limited duration.

William, I would think that is a whole lot of variables for someone without too much experience.

Although profit can be made in most areas there are a lot of variables that can make a good-looking deal a "pass" and if you are not aware what to look for and compensate for it can be tricky.

Supply and demand?