That's awesome as with past studies on the subject of success in a field, the first step is always the hardest and then from there with experience and knowledge everything gets subsequently easier. 

It will increase the rentability of the unit in the future and go a long way towards keeping happy renters.

Multi family on Albany Street went onto the market at 298k, had a bidding war and subsequently and accepted offer at 340k.

For right or wrong many sellers do not like FHA. 3) Larger loan limits as shown below.With most lenders 75% of rents will be counted as income for helping increase your purchasing power like always. 

-Are rents justifying the increase or is there a variable factor playing a significant role that I have yet to distinguish?

All that's required is 30 day notice for anything under 10% increase, and 60 day for over 10%. 

Most of the sellers I'm seeing are investment groups (small to very large) that are selling off properties due to the increase in prices. 

I am thinking at least a month as I should be able to fill my vacancy well before then and therefore keep the "Penalty" fee and increase my revenue if a tenant chooses to leave early.

Increase in rent each year what is the standard amount 2% I am the new landlord and my tenets are going into the second year 

In that case, look for flexible interim financing that will allow you to pay off without penalty and then rely on the increased value to lower your equity requirement when you refi.