explain that the rents in the area have increased, but you would like for the tenant to stay. 

NOT the bottom .. the bottom are trouble long term.. the top are usually the best tenants.let me explain a little and I am stealing this one from Chris Clothier.rents 600.. to qualify you need 3X  that's 1,800 a month.. that leaves 1,200 for the rest of your bills. so they are living week to week on little upset and your not getting your rent.now take 1,200 rent  3X is 3,600  now they have 2,400 to live on for the month.. we all eat the same food pay basically the same in UTLS.. and gas is gas etc etc. who do you think long term will be more stable.

I would like for someone to be able to explain the cost to a new investor distinguishing needs vs preferences

Hopefully I explain this clearly, here goes....My friend and I want to buy a property.

I understand where the gray areas are, so no need to explain that part of the experience. 

I followed the property  after the purchase and they did exactly as I explained, value adds.. 

Pay an attorney.......I'm guessing you don't want to be in front of a judge explaining all the mistakes possibly made because you wanted to save a few bucks.  

I've been very open and objective about the cases I've been retained on.

So there is little inventory which explains the prices.

I'm not saying that's what you should do, but maybe that explains why other ppl are willing to pay that kinda money for it.