I was approached by a previous tenant who offered to buy the property  from me and we had some discussion on the  850k range.

So some of the challenges I faced on this property1.

It's possible with a longer time on market, they may be open to a lower price.2) being sold by owner - may be more opportunity here. price may be over/under market value.3) foreclosure - bank is motivated to sell. may be willing to sell under value especially in a slow area.based on this, it seems like best bet would be to pursue houses sold by owner, foreclosures, and listings that have been on market for a while. there also is a whole other approach of finding motivated sellers - drive bys, bandit signs, etc. 

@Matt Said, There may be a combo approach here that is to your best benefit. 

Current Situation: I have identified a 3 family in New Jersey where I have planned to use an FHA loan I am pre-approved for. After speaking with my lender, I learned it likely won't pass underwriting because current r...

As a total newbie I may well be wrong, but I chose to approach it from the point of view of where someone like myself would want to live.

Just looking to hear about the pro's and con's as well as any challenges you may of faced when you started out.Any feedback would be much appreciated.

Judging from information above, how would you approach if you had entire month open?

Challenging to secure both in Miami metro for pre construction. 

The challenge you may find is what if you approve a tenant and then the deal falls through or gets delayed and you have already taken a security deposit and made a commitment to the tenant?