I have been narrowing down some markets and trying to explore/research more and network.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

It has been on the rental market for about 55 days and the average in the area is supposedly 36.

Plus, you already know the market, which gives you an edge.

My market is houston text.

In fact, just finished one that I have yet to put on the market. 

Cleveland is a great market if you know how to navigate it and have a good property manager.

Housing pressures will vary by market.

Record-breaking high prices in the upper end of the market skewing the entire market upward?

You're in a strong rental market, and house hacking a small multifamily in Phoenix is a smart way to build wealth.