"I have been in the landlord environment for about 2-years.

This isn't inclusive but should give you a good start.

But most sellers are handcuffed by the low rate they currently have on their property and don't want to buy back into a high rate environment, so are staying put.  

So some means and methods that I will describe below might seem a bit odd or different and that is because we took the A&D approach to this project, even if there might have been simpler ways, because we wanted to expose ourselves to as much as possible, in as controlled of an environment as possible, so that we could minimize risk while maximizing as broad an experience as possible.

Go in with a game plan so you aren't overwhelmed by the environment.

So I'd be pulling equity at 9% and only get paid 5% if I used the HELOC and kept the cash in my high yield account.I recognize there are other ways I could invest this cash (including another property) but I am being mindful of levering myself out too much in the current environment where job losses are more common in my industry (tech).

Compare that to trying to sell an entry level $400,000 home in the suburbs, you're going to have a dozen homes just like yours for sale.Believe it or not, the only residential developers and flippers I know who are doing really well in this high interest rate environment are the ones doing luxury deals.

This isn't inclusive but should give you a good start.

More than just the financials, I see the importance of providing a safe environment for tenants. 

Property taxes are nearly three times the rate in Phoenix and the political environment is more anti than pro business.