I'm sure you were aware of temporary labor services, but you should seriously consider them to keep everything legal and lawsuit free:http://www.laborready.com/docs/default-source/default-document-library/labor-ready-fact-sheet-2014.pdf?

Given the decreased inventory, what is your plan to maintain or increase your growth?

One way or another, however, the investors must work to pay down loans, increase rents and decrease expenses wherever possible.

You ran it down yourself, you may only be there for 5 months so why buy an asset just because of temporary location.

I found a company with Airbnb trained VAs for $150 per listing per month (and price decreases with more listings). 

Is there a chance that rates and prices decrease in the next 1-4 years as our cash reserves increase, thus creating a better scenario for us first time investors?

I saw some of your previous posts, so I'm glad you're getting closer to your first.I think your rent sounds pretty cheap between you and your fiance now, but I also don't know the COL in your area.Maybe if you found something comparable in price or slightly less, then it could still math out, because you'll be benefiting from appreciation, loan amortization, and potentially a housing expense decrease over the long term even if slightly. 

Agreeing with everyone else - I always look to increase occupancy, not decrease. 

A few years down the line, we might see cap rates decrease to around 5%, significantly enhancing potential returns.

In the last few years, income inequality has actually decreased.