New investor looking to get started in Memphis

[Patrick Turner]

Hello all.

Im new to bigger pockets and RE investing as a whole. It has been a goal of mine for a few years now. I just sold my house in Colorado and made a decent penny on it. Im moving to SC, and I plan to use some of the proceeds from my sale to pick up my first rental property. I'm looking outside of SC because we have a heft property tax penalty for homes that aren't primary residence, which is going to cut my CF too deep. One of the reasons I'm considering Memphis is low cost to entry. With that being said, and with this being my first property, I'm hoping to stay at or below the $100k mark. Looking for a small single family home that requires minimal rehab. I'll be able to put about $50k down, and I plan to have a PM company run it for me (since it's my first one and I'm out of state.

I'm a finance major and took a few RE classes as well. I'm confident in my ability to run the numbers and compare properties. One thing I'm not the most confident in is my knowledge of the Memphis area as a whole. I have a cousin who lived there for several years and I plan to lean on him a little for location. But can anyone offer any tips on good locations or areas to avoid?

Does TN have any tax hikes for RE investors like SC? Are there any other uncommon expenses I should expect as a result of uncommon regulations?

If anyone has any tips / guidance / help for a newbie looking in the Memphis area, please feel free to share. 

Thanks everyone.