I would be careful how you go about this one.

There are some pockets in this lower price range but they are hard to find and sellers won't let them go for the price you want often. 

You should not accept this tenant citing "Wasting my time" on the application!

The last few years have been great for investors/homebuyers who bought pre-con, but looking back to the few years after the 2014/15 boom, this wasn't the case, where many had actually committed to buying a property that wasn't quite worth what they signed up for closer to closing because the appraisal weren't matching the contract price, requiring a cash top-up.

Does that make anyone think, "If you're not bringing any capital to the table then you probably want to avoid this strategy or you probably want to go with this kind of investment"? 

All this is to say, I believe it would be money well spent for sure... 

The biggest question you need to ask yourself is if you are doing this to afford a property you otherwise couldn’t afford or to save money period, that will lead to very different conclusions about where/if to buy. 

He’s done this THOUSANDS of times.  

You may want to explore this. 

This all depends on the property.