Did Peter expect Jesus to return immediately if Israel repented?
Peter did expect the Lord’s immediate return to the nation of Israel if they repented, yet he also recognized that the seven years of restitution of all things had to occur first. That period includes the Tribulation, when the earth is restored to its Edenic condition before sin entered.
Les explains that verse 20 continues the same thought: God shall send Jesus the Christ, whom heaven must receive until the times of restitution of all things. That receiving refers to His Ascension, and Psalm 110:1 says He sits at the right hand until His enemies are made His footstool. Heaven will not hold Him forever; there will come a time when He leaves heaven again. The restitution of all things is tied to the Tribulation, the seven years pictured in the scroll of Revelation chapter 5 and its seals—the paying off of the mortgage Satan has held since Adam fell. The earth has been under the curse nearly 6,000 years, but it will be restored to its Edenic condition before sin entered, a beautiful Garden of Eden. So even though Peter expected the Lord’s immediate return to the nation of Israel if they would repent, he also recognized they would have to go through those seven years of restitution of all things.
Repent ye therefore, and be converted, that your sins may be blotted out, when the times of refreshing shall come from the presence of the Lord;
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What would God have done immediately if Israel had repented in Acts 3?
If the nation of Israel had repented, God would have immediately started the tribulation, and Israel would have to go through it.