That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors or brokers in the markets you're pursuing, and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your success on BP!

That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors or brokers (or even real estate attorneys) in any of the markets you're pursuing, and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your success on BP!

Our markets have been growing here are there should be lots of opportunity for sales in the region. 

I wonder what the multifamily opportunities there will look like?

Yes, that’s what I’ve been seeing when looking for BRRRR here in FL, but there are still opportunities for Flipping.Another market I’d be interested in is Georgia (Atlanta, mainly).

I just thought maybe this would be my opportunity to get a rental.

To your point though, there are plenty of opportunities in Birmingham to invest. 

I intend to honor their current lease, of course, but do I need to provide an new lease as between us or is there a way to amend the old lease to reflect the new ownership.

Then you view the property to determine what repairs will cost.With that information, you should be able to determine your offer - again realizing that you plan to mark it up and sell to someone who also intends to make a profit.This is what I do every day.

Different people possess a different set of skills and opportunity will not smile equally on everyone, certainly not at the same time.