If have investment property, we are looking for relatively updated units (we are ok doing some work ourselves), class C+/B tenants, with rents either close to market rate or that can be increased.

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

Buy: Finding the Right PropertyThe first step in the BRRRR method is to purchase a property.

As David indicated, look for properties before you close on the sale of your relinquished property. 

HOW MANY RENTAL PROPERTIES DO YOU OWN?

I make loans on Memphis properties for investors.

For example, should we focus on acquiring one high-quality property in a strong market, or would it make more sense to spread the investment across multiple lower-cost units in emerging areas?

Hello, I have a property i purchased for $165k with an ARV of $350k.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

I recommend beginning with a turnkey property.