Currently, my partner and I are in the contract phase of another duplex, and will be acquiring a 4plex from the same seller once we close on this duplex!

There are many factors like zoning, environmental, and regulatory issues that don't have the same effect on existing houses.I've had to do endangered species studies several times, never found any.I've had to do historic and archeological studies, never found any.I've had to do phase I and phase II environmental studies.I've had to do flood plain studies.I've had to do wetlands studies.I've had to do hydro-geological studies for nitrates.I've had to do perk and probe testing for septic systems.I've had to do perk tests for storm water control studies.I've had to construct man made wetlands.I was denied a variance and ended up with a 20 foot wide building envelope.Another property was a dilapidated house, that if torn down would have an 11 foot wide building envelope. 

@Susan Iwertz, we invest here in OKC and have found opportunities during all phases of the market cycle.

My take is that you are still in the "talking about thinking about it" phase. 

I would love some advice on this as I am still in the learning and research phase of my real estate investment journey. 

I am finally at the take action phase in my plan. 

If you and anyone here is interested in an account of my experience with Morris Invest you can follow along on my journey here:https://www.biggerpockets.com/forums/92/topics/392...I just closed on my first property with Morris Invest and will begin the rehab phase shortly.

Thanks for the advise, i am in the understanding phase and i feel like i am ready to take the leap and hunt down some deals! 

Also, if tenants have been there a long time, no matter how good, when you do changeover you will likely need updates, etc. to get the so called market rate.So I'd choose the price that allows you to continue the type of tenancy you have, then phase it in. 5% a year isn't a shock to a budget in the way 10% is. 

They would also lose their rent control which is phased out on vacancy.With that being said, I am the best landlord there is, period.