Those same houses 2 miles away, could be a different micro-market, and rent for $1300. 

In reality the more expensive the house the less the work.

@Parker BullardFrom my experience, house hacking is a great way to reduce housing costs by renting out part of a property, like a duplex or triplex.

Essentially he wanted to live in his own place but didn't have the money and I figured buying a house with him at the time was a good investment.

The neat thing with TDR is that, after you've sold off the residential development rights, you still own the land and get to use it in all the same ways as before, except that you can no longer build houses on it.

We live well, have a nice house which I built from the ground up and saved 200k off the top. 

I found a house that I like to purchase in a great neighborhood and the exterior looks great for a 1922 stick built house.

@Angelica Byrnecan you just save up enough until you are able to house hack? 

And on the houses I build I pay the lumber direclty myself I pay the roofer..

Memphis is definitely a solid market known for steady growth and affordable housing.