We are renting homes before the previous tenant vacates and the shortage of quality rentals in desirable areas is severe. 

Because the purchase price will be lower, the rent most likely will be lower as well.But, if these properties are in an area where there is a shortage of rental properties or that the demand is especially high, then it is possible to get market rent with a lower purchase price.You just have to take your time to run accurate numbers; check with the previous owners to examine their cash flow and decide if it is profitable.

People are literally fighting with their money over property right now, especially multi-family because there is such a shortage of multi-family listings in MSP.  

If the owner can cover the shortage its not a short sale.

BRRRR investing is still difficult to complete infinite return, but every once in a while something pops up.Strategies to implement here would be development, fix and flip, or house hacking.Rental markets have a huge shortage of inventory.

On the contrary my area has a huge housing shortage.

Regardless, there's a shortage of skilled trades labor. 

Save another 3 hours.Lets say something like this happens, or shortages, or wrong color, or wrong item, or wrong.....10 more times; Another 30 hours of your time.  

A major housing shortage has driven up both property values and subsequent rents.

Great economic metrics with consistent population growth for the past 100 years, a large diversification of employers and lastly a local government who doesn't like development so housing is continuing to become a shortage.