When purchasing a home to live in or any investment property, it is very important to have your exit strategy before you buy. If you intend to renovate and flip the property, establish your metrics before you even begin down this path. Establish at least a 10 year time horizon (and preferably longer) on which to hold a property and then move onto your next property if you approach it from a buy and hold philosophy.
Do not ever attempt to exactly time the markets because doing so will inevitably lead you to miss the exact bottom or top. If you invest in a market which has solid economic fundamentals to support equity appreciation over the long term, you can do very well if you one buys and sells at market prices. It is not necessary or even advisable to obtain every last dollar possible as this will only lead to failure.