Most people cannot afford to do what they say.

I am also priced out of the NY/NJ market and I am interested in Cleveland OH due to more affordability. 

can you afford it?  

I look at baseline affordability and edge just barely up.

Overall, looking back now, I admit my emotions were played and took the bait (got to as far as putting my contact details on paper but no bank details or signing anything) but stopped because couldn't afford it.

They're not just going to sit on it and wait, can't afford to. 

If it’s empty, consider staging it with a few key pieces of furniture.

The fact that our current rate is only 3% doesn't help the refi situation, as we probably would not be able to afford (or would at least struggle to afford) the payment on the new mortgage with the higher rate and principal.I think the best way to max cash flow would be with a small multifamily that needs moderate rehab.

If you are 75% complete rehab you are very close to ordering furniture IMO.3 - Look for safety hazards - i.e. uneven steps etc.If your time in town is limited I would focus on these 3 areas.  

She had to foreclose on it because she couldn't afford to pay the liens.If you are really interested, go to some auctions to watch what others do, ask questions, and learn.