He’s also in the process of liquidating his other properties and business so I’m being patient while keeping the line of communication open.

Right now, be patient.

What about the ground up developer that exhausted their interest reserve because  the construction debt was tied to the fed rate, but the project is still perfoming well and they want to hold off on refinancing a bit longer because its still a great long term hold but given the pre-payment penalties they are opting not to lock into a perm rate yet beleiving favorable financing will be available with a patient approach.....

On market, this deal is fairly common, off-market the numbers can get even better if you are patient and choose an agent who networks with owners who want to sell (and their agents) 

Be patient and wait for the right deal / moment. 

I think units furnished with modern comfort but local personality would do well with film industry people, traveling nurses, families of hospital patients, and possibly medical residents.Also, we're getting an Amazon fulfillment center, so that should be good.

As Buffet says, the system is designed to reward the patient with the wealth of the impatient. 

He says he doesn't want anyone who isn't committed and persistent and patient. 

Sure, it's a quick way into the market since so many of us have lots of equity (I've got around $300k) but being patient and building my own liquid cash or finding another alternative like a partner or private money is going to be the better path.

Be patient and have a set criteria- only seriously consider something if it fits PERFECTLY within your numbers budget.