This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.I have also shifted my focus to buying better.

Once that's covered, you can go all-in on those fabulous renovations.Effective marketing plays a pivotal role in attracting tenants and increasing property appeal.

I loved watching them play

Columbus is going to be more of an appreciation play and cash flow margins will be tighter in the beginning. 

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.

I am also curious about when/how an attorney/legal involvement comes into play with this.

Also wonder how appreciation plays out in that area as well.

That's a power play. 

Hi Pixel, Check out this article about how DSCR loans play into the refinance part of the BRRRR method.

This would be more of a multi-family buy and hold play.