You got to find a more affordable place and the landlord got to maximize his investment. 

This makes it a more accessible option for first-time buyers with limited funds3.

I already own property in Oklahoma (a quad) but I live in San Diego, so I want to enter my own market and this would be a more affordable way to do that. 

This is a more macro view, and I am not an economist.

It sounds like you just need to pivot to a more passive role.

So, from then on I received a more steady income.

The high vacancy rates in apartment properties in Memphis may be due to economic fluctuations and demographic shifts; however, they create a favorable environment for potential renters to find affordable housing and for rental owners to innovate and improve their offerings, ultimately contributing to a more dynamic and resilient housing market.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

Afterwards, then you see the drop off to a more "normal" level.

Once you are experienced and have a good base of cash flow and reserves, I think it makes sense to do a more creative, high-leverage deal, but doing it with low reserves and for your first deal is very risky.