Will the numbers still work if you get a hard money lender at higher rates and fees instead of conventional financing? If you have a hard money lender lined up who you develop a relationship with, you could approach sellers as effectively offering cash to get discounts, and then refinance to conventional when conditions permit. Obviously there are risks with assuming this will happen. So be sure of your numbers and assumptions.

As a practical matter, I think a hard money lender is the only hands on decision making lender you will find that will be there for final say on loan approvals for investment property in the current lending climate.