As soon as your go to 1.5x or 2x that type of property, it takes longer to sell and the sales commissions take a bigger portion of your profit on each deal.  

Also you want to wait 6 months as if it is under that, the best comp any appraiser will use for your property is your own property and that sale price.

This post is clearly part of figuring that out.Your profile mentions that you are in sales and lists nothing of any sort of experience in renovation.

If you want to negotiate the sale based upon their assumed margins...Good luck.- Your best bet will be pulling comps in the area and trying to put together an offer that reflects the average value of the comps and the price of the brand new condo.

Also, if anyone has a purchase & sales agreement I could reference.

Lastly see if it goes up for tax sale and possibly buy it that way.

Many leases have a cancellation clause in the event of a sale of the property.

While the sale was still in attorney review, the attorneys for the auction house tried to impose a contract with all kinds of odd exceptions and carve outs that they insisted the buyer accept on the title insurance. 

I found a short sale town house here in Tampa that I am looking into.

Had that happen with a property I listed for sale on mls.