Not only are they purchasing distressed properties at a discount, we also have firms coming in buying new builds and turning them into rental properties, which is a big win for them with the rental market being so strong.

I have strongly considered looking in West coast markets but have lower knowledge of the areas. 

We aren't using real estate agents, this is a private deal, and want to make sure we set up a strong sales and purchase agreement.

For instance, in the event that you need to make an offer over the listing price to win the deal, would the financial terms suggested in your Contract to Buy be strong enough to convince the Seller's Agent and Sellers that you will be able to close? 

You might get 12 months to pay it back but you'll have to make sure you have a strong plan to pay it back on time or you'll be paying high interest rates. 

Glad to hear things are going strong!

I am a newer investor and strongly thinking about selling my rental and using the cash proceeds (net ~$170k) to begin BRRRR'ing in the Midwest.

My options are A) accept the stability and lesser headache that comes with taking no action for the time being in exchange for accepting his below-market rent, or B) accept a turnover from a good tenant and pay for a renovation in exchange for a significant rent increase (in the ballpark of +15% right now with a strong upward trend).My inclination is to go with option A and renovate when the tenant chooses to leave or when the disparity between what he pays and what the market rate is gets closer to 25%.

I'm assuming this is not a secret bank and they have an online presence where their address is listed and is easy to locate. 

For buyer's that are financing, having a strong pre-approval and a lender that is capable of closing quickly is important too.