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Hi :
You do not have to purchase an apartment if you do not have a ready tenant or a a shortage of units in the market.Selecting a tenant is the most crucial decision when it comes to screen a tenant. if your rental apartment bring 8-10% profit a year, and a tenant misses 1 payment a year this is a 8.33 % loss if you are taking a 90% LTV loan from the bank.
Good Luck
You can still exit the investment through a re-sale. Tenancy is not the only way to profit.