All in all start looking. Whether you wait or not, you'll come to understand what is a good value & what is not based on properties you see. Then you'll know when the property and price make sense. Remember thorugh a loan will take 30-45 days to close. Timing too.....if you are seriousl;y only considering Sellwood and SE, School start dates may be a comsideration with long term renters. Have the property before school starts!
John L. Scott
If you are planning on purchase a property for investment purposes right off the bat then I suggest looking into financing options before making an offer. Unless you plan on having a significant down payment, investment financing has had major guideline reconstruction. And many are finding that even though their loan is approved, the private mortgage insurance company (pmi) are not willing to insure the loan. So you really to work with someone who is keeping on top of it all.
I would suggest purchasing a home for you to live in for one year and then turn it into a rental. This way you will obtain a better interest rate and higher financing. If you plan on staying in the home for 2 years then you would have another 3 years you could rent it out , sell it and still not pay capital gains but I strongly suggest verifying that information with your tax consultant as each individual's tax situation is different.
Call me with your scenario and I'll put together some options for you free of charge. It helps to know what to expect. You can email me at email@example.com or call me toll free 877-777-9763. We lend within the entire State of Oregon. http://www.ambientlending.com
I work with alot of investors, so if you have any further questions feel free to give me a ring.