I have two units in a large complex up there, and the HOA has informed us to expect the cost to double, at a minimum...

I've been watching a lot of videos from https://www.strlawguys.com/ but this is going to cost a good chunk of change to setup a fairly complex protection structure.

This could help you build confidence and add to your capital without the pressure of a larger, more complex project.You’re right that the Nashville/Central TN market has been hot, and while it’s cooling, rates are favorable.

@Najeh Davenport I had a pool for a 5-unit complex and went through same decision process as you.

For longer-term holds or more complex deals, IRR and Cap Rate might take center stage.It’s all about what aligns with your objectives and helps you make the best decisions for your projects.

I wasn't negating your post, I was only offering a different view... one that too many face and feel, yet one that not many will speak up on, again, because there are those with "bully" syndrome and this superiority complex who shut them down every time they ask a question. 

.- A reverse 1031: Complex, and possible financing issues for the initial purchase before selling.

Once you have >1M in equity, then I think its worth considering getting something slightly more complex.

The ability to work with unique or complex property situations?

This integrated approach helps mitigate risks and reduces the complexities of managing multiple service providers.As you consider investing in Memphis, you should evaluate the local market to identify neighborhoods with strong rental demand and growth potential.