But I don't see enough new construction homes by me, anyway, to suggest that there is anything in the foreseeable future that is going to correct that supply situation so I don't see how the demand will be lessened any to bring prices back down.

I also recently inherited some money from my uncle so I do have so money for down payments.

Approximately 1 month ago I purchase a 3 unit property, May 15th to be exact, with that property I inherited 2 tenants as the owner used to live on the first floor.

Convince them to lend you the proceeds via a mortgage or deed of trust to buy the rental that you want...not the one they inherited.

Turns out that the owner of the house inherited the house after his father passed away.This is my action experience in real estate.  

I currently dont have any units but am searching and come across this alot, it seems to me almost better because, sure, it might be a little more out of pocket, but youre going to have control over who you rent to rather than inheriting someones problems.

At the time of purchase I inherited the existing tenant.

@Marcus Cox did you come into the $20k by means of inheritance?

One property will have an inherited tenant so I'd especially like to have somebody walk me through their lease.

Even if you run the application and they are not tenants that you would have put in there, it doesn't matter because you inherit the lease and if they haven't broken the lease you still have to keep them for the most part.