Probably buy during hurricane season (now) to get the best deal. 

I can say that with Phoenix, a multitude of opportunities can be in store for you if you invest in their market, network, or even just want to get familiar with it.What type of real estate are you into: fix & flips, buy & hold, multi-family, or something else?

I don't have a lot of capital to buy a property right now in the area that I would like.People that get into businesses like these have a common thread, they are go getters and hustlers! 

So does that mean I can't buy from a related party at all?? 

Buy and Hold investing is a great avenue to begin with as most people live their lives off of residual income. 

Quote from @Alex Spivey: I want to start renting as soon as I can so does anyone have adviceYou want to find a place to rent and occupy, or you want to buy an investment that you can rent to others?

Subsequently I ended up buying property in 8 states, and a couple weeks ago bought 5 properties in 5 days in 3 states.

And what type are looking to buy, SF, 2-4 MF, or 5+ MF? 

Is there a buy out plan?

You can offer to buy the upstairs residents an area rug, but I wouldn't force it on them.