Offer a competitive interest rate, but lower than the current rates being paid. 

They are able to rent property that is lower income housing, because otherwise the property would be vacant, or better housing where the landlord hasn’t completed a thorough due diligence either because the landlord left the due diligence to the leasing broker, or doesn’t know how to go beyond a $15 “tenant report”. or the property is sitting vacant and the landlord decides to “take a chance”.  

Quote from @Mani Sundaresan: If I’m financing a rehab project with a hard money loan, do I still need to issue 1099-NEC forms to my contractors—given that the funds come from a loan, which isn’t taxable income?

There's a lot of suckers who attend these sales, particularly for the lower priced properties and that's precisely who you don't want to be bidding against.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It's OK to be more tenacious with negotiating down, and make the most out of a slowing market to buy at lower prices.

We have also negotiated attractive loan structures with many lenders including reduced fees for our community, free refinancing, lower rates, unique portfolio options, etc.

WARNING: if you do not prepare for this, you can enter a death spiral: deteriorating properties lead to lower rents, worse tenants, more wear and tear, even less cash flow to fund repairs and ultimately erode asset value.I do not mean to rain on your parade, hopefully, this is a helpful long term perspective. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Your fire risk is lower in Sacramento than in the Tahoe or any wildland urban interface area.