How to Invest During an Inventory Shortage

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Hey guys! I'm from Kansas City and am looking to invest sometime this summer. From my research, I've found that there is a big inventory shortage in the KC market, but seems nationwide to an extent. Properties are being overpaid for, are on the market for a few days sometimes, have even run into people overpaying for properties without doing an inspection. 

How does this affect someone looking to invest soon? I'm looking to invest in a 2-4 unit property FYI. Does an inventory shortage just mean you need to be all that more creative to find good deals or do you simply wait for the market to shift?

I appreciate the feedback greatly.