In most cases, I have the cash to buy the property outright but am considering a mortgage in instances where ROI is higher if I use some amount leverage. 

For instance say it had 400k equity and the owner took 200k out so the balance would be $200k right?

For instance, I bought a property 10 years ago for $155,000.

For those of you who make cash offers on distressed properties in need of extensive rehabs, do you typically waive inspections on the property in order to help to get your low offer accepted?

A home run for instance is providing used washer/dryers 'on loan' when my townhomes turn over yields an amazing ROI. 

A strategy I am implementing right now is converting a garage+addition/extension in our SFR in San Diego (primary residence) into a granny flat. 

Commercial brokers specialize for instance I do retail properties STNL and MTNL and also larger apartment buildings.Your deal size makes a difference as well in a specific asset class.In commercial there is retail,multifamily,office,industrial,land development,tenant representation,property management,etc. and then many sub classes.

For instance, if your seller is going through a divorce and it's messy, they just want to get this shared asset off their plate so both parties can move on.  

I was not aware of this until about five years ago, but apparently it is an unfamiliar niche category which VERY few people have extensive knowledge about.

This mean investing in small-cap stocks or emerging markets, for instance.