@Andy ThaoI am in a similar boat as you, and I have been researching the last 3 months, and my conclusion is that I will keep looking (always looking) but I will wait until Q3 2017 to decide when to pull the trigger...

Do I need a real estate lawyer to draft up subject to paperwork or contracts before I try to lock up a deal?

Start now by changing the locks and getting the property ready to re-rent...They moved out.

I'm strongly considering Michale Quarles system but can't seem to pull the trigger.

Regrettably over time  some equity does get locked but I always pay myself off the top to compensate.

Mitch was running a special on his course for $297, but I didn't pull the trigger for personal reasons. 

However I don't want to lose the rate lock either by missing a Feb closing. 

Stuff moves fast around here, so be sure to understand your buy box, rehab and exit strategy and, perhaps most importantly, be ready to pull the trigger when something fits because chances are if you like it, someone else will too.

Wondering if I should lock in gains, pay off debt and wait for a more advantageous market.

Get pre-qualified, do all the prep work, and if everything lines up then start looking for a great deal ... if you find one, pull the trigger ... if you don't, don't.