In CA (my market) the seller is required to make honest disclosure statement and you can collect for material non-disclosure.I suspect you already have learned that you need to check the status of all permits. 

I am in the Memphis Market as well. 

Quote from @Kishan Purohit: @Heath D WallaceTo get this deal to cash flow, you could look into increasing the rent if the market allows or reducing operating expenses, such as lowering management fees, vacancy rates, or insurance costs.

Focus on Education and NetworkingBuild your knowledge: Continue learning about different real estate investing strategies and market trends to make informed decisions.Connect with other investors: Network with experienced investors in your area to gain insights and potentially find partnership opportunities.    

Loan sizing varies by market, but in most areas your loan will be sized to 75-80% LTV; 1.20-1.25x DCR; 30-year amortization.

Do to an anomaly pertaining to the appraisal district, the total value of the two lots was divided equally between the lots instead of allocated by market value.  

A frank, hopefully insightful, dive into real estate and financial markets.

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I recommend you discuss and plan this in depth with a local lender who knows your market well. 

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