What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?

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?

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Quote from @Benjamin Blunt: What are the best strategies or tools that you use to find Off-Market Properties?

Don't invest in a market if you can't find a quality PM!

I am the Vice President of OmniKey Realty, and I would highly recommend scheduling a tour with my investment team if you haven't already done so.

Budget carefully, prioritize high-ROI renovations, and adhere to strict timelines to maximize profitability.

It's 400 sqft and high end finishes.

I tell people all the time: if you can't find a quality PM in a market, don't invest in that market!

Here's a https://www.irs.gov/businesses/cost-segregation-audit-technique-guide-chapter-4-principal-elements-of-a-quality-cost-segregation-study-and-report to the IRS website noting specific items that are included in the cost segregation study report.