To crystalize this point many years ago I was involved in a dispute with an architecture firm.

Compare those owners with younger owners who have higher incomes and more desire to build large reserves for the future with the older folks who won't see the future and you can see the problem.

Set a Firm Budget: It's easy to get caught up in the bidding frenzy.

I put in my lease terms that I'll be asking the guest 30 days before their lease is due to expire whether they want to extend (IF they've been a desirable guest) and give them first dibs.

In particular:(1) Should I hire a law firm or collection agency to facilitate the transaction?

To thrive in real estate investing, you must maintain a firm grip on your finances.

Are they a nationwide firm?

Some will do but they tend to be far and few in between and the terms are not very desirable at all.Another options is to take down the properties with a bridge loan. 

My tip would be to buy properties in desirable vs "affordable" areas.

I understand the desire of some people to have paid off houses, but you need to remember it is never really “free & clear”.