Home prices on the other hand adjust to the cost of labor and materials.

As cap rates continue to decompress, rates stay high, and prices adjust downward, cash flow will come back. 

Don't hire family / friends.Hire a professional who is boots on the ground 24/7Insurance rates going up should be a good thing since its baked in for those selling the homes, especially if they are selling an investment property.You can tell them, I can't pay at this price because these are my income and expenses and I can't cash-flow given the numbers.Over-time, sellers will adjust.

A couple more:1) when I run the numbers for the STRs, it seems like the asking prices have not adjusted for the rise in interest rates. 

We had access to one and were about to sell but the irs told us we had to pay it all IRS has nothing to do with property taxesIn addition at death the taxable value is adjusted to the value at time of death. 

To properly renew a lease with a tenant, several tasks SHOULD be done:1) Evaluate the property to make sure tenant is taking care of it and you want them to stay.2) Do a market analysis of rental rates.3) Determine target rental increase amount4) We present all this to the tenant, as we assume they're looking at rental rates on Zillow, etc.5) We then ask the tenant what adjustment they think is fair and then negotiate rent amount and lease term (we always try to go for 2 years).6) New lease sent electronically to sign.All of this takes time, hence a Renewal Fee.

I think it will help speed things up.I remember taking your class and you were talking about knowing the different from a vacant house and an abandoned house.

Speed.

You'll probably find much more flexibility and speed if you build a relationship with a couple of them and get them familiar with you and the deal.

We learned that even in fast-moving markets, maintaining a balance between speed and strategic pricing is crucial to maximizing returns.