Even if you don't have rent caps, it is better to do smaller increases each year before you find yourself in a situation where you are far behind and need to catch up. 

Or what some of the more experienced investors on here would do with my current situation. 

If you're only using a portion of the funds, its less of a risk and could make sense depending on your situation and the deal itself.  

What are your goals, what is your current living situation, and where do you live?

But that doesn't mean they can be perfect for you.You may be in a situation where you don't even need one however. 

And now with rates being high, plus many areas overbuilt with new apartment buildings, I’d be careful with unknown areas, and also what you read in the media about “hot” areas, up and comers, etc.I was in a similar situation to yours a couple years ago.

Does anyone have some good contracts they have used in the past for a similar situation?

I’ve been in your situation and have had to call dozens of banks before I found one that gave me what I needed.

Quote from @Shiloh Lundahl: Hey @Marcus Auerbach and @Joe Villeneuve you both have great points.In my situation, I am in a market that has appreciated out of positive cash flow for the average investor.

@Erlson Neba Much less stress and headaches than rentals especially for lower end areas where the ongoing maintenance will most likely diminish any return you may hope to make and where appreciation cannot be expected.