I’m interested in rental properties and BRRRR investing but not sure if it’s wise at this point to jump in with such a competitive market.

You can't get more experience than the competition but you can surely outsmart them.

My area is very competitive with reis.

There are certain restrictions on the condition of the property, but a great option for starting out with investing!

Depending on the condition of the units, you could also introduce yourself and see if there are any repairs that need to be done. 

You have to know what the competition is doing.

I see that type of gentlemen's agreement all the time, in that, tenant does not call in maintenance or complain about the condition of their home and landlord leaves rents alone.

I have a lot of my cash tied up in a flip right now and don’t have enough to be competitive. 1.

I think I would evaluate the rental market and units in the same condition as yours.

For example, in California, if an unsafe condition was present due to continued leaking pipes, a tenant's rights could include making repairs and taking it out of rent or even termination of lease.