It has been on the rental market for about 55 days and the average in the area is supposedly 36.

Plus, you already know the market, which gives you an edge.

Finding deals outside of California can definitely open up new opportunities, especially given the cost of living and market dynamics in the state.When looking for properties in other states, consider focusing on areas with strong rental demand, economic growth, and population increase.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

The deal is structured with partial seller financing ($766k) below market rates (varied on each unit).

Cleveland is a great market if you know how to navigate it and have a good property manager.

In fact, just finished one that I have yet to put on the market. 

It really doesn't apply as much anymore in most markets because rates are too high and homes are selling for too much. .75% rule is more viable and would be the new 1% rule in this market.

It is a very competitive market and units in the tens of thousands.

You're in a strong rental market, and house hacking a small multifamily in Phoenix is a smart way to build wealth.