So your buying power with that cash probably acutally decreased over time if things inflated a fair amount. it's probably not a bad idea to own some gold and silver as a saftey net and side venture. 

As for wondering about if rents may decreasing following the riots...

The increase in cases and decrease in mortality rate is due to an increase in testing.

After decreasing expenses, improving some of the units that need it, and maximizing rent potential, I plan to pursue a cash out refinance.What kind of lenders should I be searching for to finance this kind of deal?

Okay, the timing sucks, but for $5k (you're not "losing" the $10k from the higher offer, since you don't have it to lose) you're creating way more stress than it's worth, @Alex Kovalenko. 

Also can’t stress this out but if your going toward (working with an agent) be sure they are investor oriented in properties you seek to purchase .

My questions are: how do I approach the conversation that the goal is to help them get out of a stressful situation as well as making a good business decision for myself?   

I also agree that $83k/ year seems like an awful lot right now, but I will definitely be looking to purchase small multifamily properties to decrease the unit per cost like you talked about.

That's what many tenants would feel and do ..... but in the back of my mind that stress of doing that would still linger with me... not something I have EVER done beforeBasically I'm pissed that my wife for even put us in this situation by signing the lease to begin with...

It is a good way to decrease your living expenses.