Just like self storage and apartments, there are big players coming into the game and driving down cap rates.

Literally every single house I've offered on in the last 6 months has gone into a multiple offers situation within 48 hours of being on market.Finding a competent and reliable contractor to do a "BRRR" is going to be equally tough due to the market being so hot.  

If you are competing with others on a hot property that's listed say on the MLS, and you are asking for this info versus someone else that isn't, they would likely opt for that offer over yours. 

There are 1000s of investors competing for the seller leads.

As long as the seller is mentally competent, he can sign a contract for any length of time he wishes.

You better believe homes in good school districts will be a bit pricey and more competitive as you are competing with other investors and families who want to live there. 

It seemed like they were going to be competing with one another for a tenant base.

If you can't jump a park up to the next level, it can still be a good deal but it won't pay out like the deals the big players chase.

Something else to consider is that a lot of property investors are institutional investors, so if there is a market crash and prices are "great" your investment dollars are now competing with tons of investors that have years of data and have cash on the sidelines waiting to be deployed, and can react much faster and clearer than a new investor just starting out. 

@Johann Jells,Don't hate the player, hate the game!