For example, back in the great recession when lending dried up, that market inefficiency created an opportunity for investors with capital to take advantage by drastically decreasing many people's ability to buy.

At that point you can choose to end your professional relationship with Peter and his company or you can choose to keep him as business partner for future deals and have access to all his resources such as investors, lenders, etc.

I'm a new real estate investor specializing in multifamily rental properties.

The person occupying the property said he has a lease option but is also an investor.

@Bob AsadCheck out this rent map, it's Northern Nevada specific and a good resource for investors in the area.

Any tips for me or any best practices from fellow investors whose been in this industry for a while now?

Down Payment Equity Partnership- The investor funds the down payment needed. 

I would also suggest joining you local Real Estate Investor Association, a quick Google search will pull one up in your area.

It is good to network with various lenders and investors to learn what kinds of terms are currently being offered. 

Im an investor, agent and host in the Phoenix market.