So, either buy now or wait for the bottom when interests are high? It will workout the same as I see it, and we can only speculate on the future...Higher rates or not. If this guy can get the property now with low rates it sounds like a good move unless you think the unknown is worth something...
No, think of what happened in 2009 + 2010. There was a wave of foreclosures, a buyers market on steroids. Properties could be bought at half their current prices.
If you buy for a low price with high interest rates and finance it you can refinance when interest rates go lower.
If you pay a high price when interest rates are low you have only downside if interest rates go back up regardless if you used leverage or not.