For example, I've recently spoken to someone about their MTR in Montgomery and they shared their MTR experience has seasonal occupancy, hard to find boots on the ground, contractors are slow and many do not take credit cards for payments, etc.

But, due to the higher interest rates I have definitely slowed down the velocity of acquisitions though.

HML outfits usually have capital partners with deep pockets. 

When getting started its a careful game of making sure you are ready and have funds and do not rush it, as one bad deal and if it goes real bad can slow you down by several years, which you do not want to do.

 @Stuart Udis:OK, yes new investors- not deep pockets.

Unless.... your happy to be VERY cash-deep into it and ready to absorb the hit's of a LOT of time delays and additional expenses or cost over-runs.

Slow down to speed up- 

I haven't seen decreased rents in my area, but rent growth has slowed.

More for the folks that live hereI did a deep dive yesterday and prices are stagnant to up slightly in basically every Pensacola and Santa Rosa County zip code so you are 100% correct that we aren't seeing a collapse currently. 

If you decide to entertain this, due diligence will involve digging deep into the business financials to understand cashflow, solvency, and liquidity, his personal finances, and searching for any liens or UCCs in place.