Will mean a less competitive landscape for landlords that do consult attorney's and follow the provisions. 

Which do you think will be more competitive, buying from wholesalers or your own referrals?

I’m willing to bet you’ve done a lot of research about wholesaling, flipping, etc. but still feel lacking in experience and knowledge.  

Option 1:30 Year FixedLoan Amount $202,500.00LTV 75%Discount Points %0.00Prepayment Penalty (3/2/1)Interest Rate % 8.225Origination Fee % 0.00Underwriting Fee $1,645.00Monthly Mortgage Payments $2,018.76Broker Fee % 1.25Cash From Borrower $78,081.01Option 2:5/6 ARMLoan Amount $202,500.00LTV 75%Discount Points %0.00Prepayment Penalty (3/2/1)Interest Rate % 8.025Origination Fee % 0.00Underwriting Fee $1,645.00Monthly Mortgage Payments $1,990.40Broker Fee % 1.25Cash From Borrower $78,052.65Seems like some competitive terms - nothing out of the ordinary that I see.

I wanted multifamily originally but found the lack of inventory and high prices a big obstacle.

.- Competition can and actually will increase in bad times, because people who own casually for second homes will try to get something instead of nothing by listing their properties for the first time.- People will fight to give everything they have to keep their primary residence, but if their second or vacation home becomes a pain in the rear, they’ll sell.

What is a reasonable time to expect a build in the area to take with the lack of available contractors I have read about?

Ive had person after person contact me in DMs that had lack of everything needed for this business and were not serious in any way.

I do know that it is very easy to make tax lien investing sound great but it is a tough competitive business.

Paying all cash was simply to have a competitive offer and get the property at a discount.