It is important to remember that any investor in any kind of business would look to make the maximum of any deal that he or she is getting into, as that is where the profits lie.
In the case of what investors look for in deals relating to the buying and selling of property, well the answer lies in the best combination of offers available, whether it is below market value pricing or positive cash flows or owner financing, or some other deal not discussed here.
Obviously, a combination of all these would work best and that is what the canny investor looks for in all the deals he pursues.
It is also important to understand the motivations of the seller because in the end that is what makes or breaks a good deal.
A home owner who insists on not giving a discount on his property to levels below current market value would indicate that he does not need the extra funds immediately, so he can hold out.
Similarly all calculations of positive cash flow can go haywire if you are suddenly left with multiple vacancies with no sight of the right kind of tenants to replace the ones who have moved out.
Similar would be the case if a number of your tenants stopped paying rent for months together, forcing you to start eviction proceedings, or if major and unplanned for repairs need suddenly to be carried out in one or more of the buildings that you own.