Quote from @Bud Meacham: The market is very competative in California.

Most of the ones I bought had existing tenants and almost all were paying below market rents and way below market rents.

I have a friend/neighbor that wants to sell me his house below market value so he can move back into an apartment and travel.

Sit back and wait for the market conditions to flip to where those strategies would work for me, or adapt to the current market.  

Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential.

For multifamily, target markets with strong rental demand, value-add opportunities, and creative financing options like seller financing or private capital.

Logan county has the highest price per square foot new build in our market right now almost $400 per square foot.

But it's playing with fire to buy there if STR is a priority as it's very likely they will eventually start enforcing it better.Yes I've seen this same thing in some of the markets we operate in.

Even when the market is down, gradually adjust rents so tenants don’t experience a huge price shock later.

There are many markets that this will work great.