I have used a combination of private investors, local hard money lenders (at rates more like 2 pts. and 10% with no profit split) and community banks.  

I would compare the rates they give you with other quotes and see which gives you the best combination of coverage and price.

We invested $18,000 in renovations to modernize the property and increase its appeal.

Partner Driven financed this deal through a combination of internal capital and resources provided by our partner, Seth Choate.

Probably more than all other markets combined. 

In this case their total household income (of the husband and adult son combined) does meet the requirement of being 3x the rent, but how should I apply requirements of good credit for this and other applications with multiple tenants in one application? 

If they give very little information or the new capital will only add a year or two to the viability of the deal, then I am likely not going to give them more money.The changing or stopping of distributions and calling capital are very stressful and concerning events when you combine it with a lack of information and transparency from the syndicator. 

So I'm looking for the combination of affordable properties (cheap could be misinterpreted) and (mass) tourism.

But Memphis’ combination of affordability and rental demand might make it a promising option to explore as you continue to build your real estate portfolio.Best of luck with your current investments and your ongoing learning process!

@Matthew Paul and @JD Martin and @Scott Mac combined - Let the bleach/dawn mixture sit, then pressure wash it, then seal it!