I’d encourage you to think outside the box when sourcing off-market properties rather than simply replicating someone else’s strategy—what works for them may not necessarily work for you.Additionally, connecting with real buyers who can close on deals is crucial.

We are in Sub-markets, which have led us to having a very small general contracting pool and can't find any contractors to keep up with demand.

I really am amazed at how some marketer can convince an adult that real estate is like following grandma's recipe for beef stew.

Fortunately for me, I started investing a time in the market where everything went up.  

No one has a "crystal ball" to time the market perfectly. 

Any tips for navigating the competition in such a hot market?

There are no laws restricting mark-to-market rents. 

While you don’t have to decide this instant (you could always convert later) it’s good to have an idea of the market differences between mf and condos. 

If, through the process of renovating the property, the market shifts, do you have an alternate plan for the property, whether it be to live in it until the market improves, or convert it to a rental property, etc. 

The 2 older adults would be the market.