Some areas are very conservative and landlord friendly and cheap to buy.

A lot of the conversations I had with the realtors that showed it had the same feedback, that for the PITI payment on this property, their clients could probably buy and new build and still pay the same thing (The house was situated rather close to a couple of new build communities).

Hello,How do you build the self-confidence to approach a property owner about buying their property?

The Bay Area will take more capital energy and buying in the Midwest will take more time energy. 

If I buy a property with tenant in place, do I need to inherit the existing lease terms?

If you boost leverage to 75% the cash in your pocket is even greater and the returns get boosted again.Now go forward in time a few years and you can do a few things you can never do with a stock:If the property has appreciated, take out another loan and put more money in your pocket.Or, you could sell the property you can use 1031 exchange to buy a much bigger property, reset the depreciation clock and pay no income taxes at that time. 

Rent control is a huge topic to RE buy and hold investors full stop. 

2nd questions; I Just got pre approved for a non QM product: 20% down, 8.25% interest rate, 12 month pre payment penalty period, 2 points, and Conforming Conventional product: 25% down payment, 8% interest rate, no pre payment penalty, 1 point fee. 2-4 unit in Ohio.

On the other hand, you probably can't buy something else and get the same return.

As a buyer I probably would not buy it based on a wholesaler telling me it has more potential if I re-zone it.