Assuming competitive (or superior) billing and skills, it's just not an issue on negatively impacting deal returns.

I think that could give me a lot of peace of mind, as some unforeseen market shift or increase in competition impacting the financials is what keeps me up at night. 

Misconceptions and myths keep competition almost non-existent.

I am very comfortable with my market (ARV, competitive offers, and market rents in each area).

The key to remodeling a rental is to know your market and know what your competition is providing. 

I agree with you the market is hot, however you should still be able to make competitive offers with an FHA loan.

Do enough searches for commercial real estate and I'm sure you'll find a few who specialize in it down there, it's a very different market from residential.I don't know of any first time buyers programs... you aren't investing with owner occupied as your competition, you're in a purely investment world in complexes.Good luck keeping your payments low. 

You want to be equal or better then the competition and be able to stay within budget. 

There may be more competition there but some of them might be your friend.  

There are bargains to be had, but you have a lot of competition on the MLS, so go off.