High competition in some markets can squeeze profits.Rental Income Properties:Pros: Provides steady, passive income.

I love IGMS. very simple easy software to use and always improving. super competitive rates on it as well

You can offer to lend the seller money to stop the foreclosures. 7 or do a lease with an option to buy - making up the back payments that would be considered you advance lease payment.Always look at the property if you have intentions of bidding at the auction (this can be tricky because you need to do that with the owner's permission - do try to build a rapport with seller  - also look at the foreclosure suit to find out what the bank is looking for and if there is a second mortgage or other liens.At the court house steps when the auction take place you need to be well prepared with your certified funds but more importantly you need to know the fast sale value of the property - you don't want to pay retail.Get to know your competition - there will be professionals at the foreclosure auction looking to capture some serious equity.

The MLS, due to high competition and normally high asking prices, wouldn't be the best option to find deals. 

The apartment side has provided some competition, but if you've got a solid size house you'll do fine.I'd say it's been slightly above average for my year 2 leases compared to my other cities. 0 turnover, all slight-moderate increases, very good tenants. 

The interest rates are competitive across the board, it's not going to come down to that for most buyers.National Bank: This is the 'standard,' the 'baseline,' what most people do. 5 year prepayment penalty is slightly unfortunate, as many pontificators say rates will be dropping "soon," and it may make refinancing a little more painful.

Check those two lists against all of the lists and articles you have been reading to see where the closest crossover is.That is how you find a competitive advantage.If you build an out-of-state funnel with everyone you just met, you will not have a competitive advantage.Number 1 above gives you a personal, geographic advantage.

First time rentals are about 33% of my total rentals.  66% of my total rentals are repeat rentals.like all things successful you pull up your sleeves super size it and just beat the tar out of any competition.. nice work. you get rewarded for doing all those things.

If you're in contact with the owner/seller directly, and you don't feel there is a lot of competition (off-market), might as well start with an LOI to lay out terms before drafting a contract.If you need the offer to look compelling because other buyers are circling, a PSA would indicate more motivation on your part.

The rates are competitive.