OR should we call it null and wait until my wife gets out of college (Dec. 2019).  

If you have a real deal, there are hundreds (or even thousands) of legit buyers in your area ready and willing.

I don't want to wait that long!" 

I have currently offered 120k and the seller wants to wait on other offers 

Since you don’t need to put money down I can use the money I do have to make any emergency purchases for the home while I wait for the reserves to build up from the rental payments

It is much quicker to get one than wait for two...is the patience worth it? 

But sometimes it gets frustrating, because I have to wait to get the comps.

Definitely some great advice from you all and I can't wait to dive into the books and start writing out my action plan.

The ones that will capitalize are the ones with war chest saved and waiting for this opportunity to surface.I believe in buy, hold, and sell.

Still hard to find.I would warn you though, so many overpriced "deals" around here are sellers waiting on "california money"  (Out of market players who will accept ridiculously low returns, or no returns, or buy crap neighborhoods with no hope of appreciation).This 10 year run in us real estate is a by product of artificially low interest rates, so we are not sure if it is real!