That will largely help to determine the right fit in the landlord market for someone with a portfolio. 

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

I'd start by refining your search criteria, researching the surrounding markets, and comparing them to what best fits your needs, etc. 

Also, coming from running a business just think of RE as a business (which it is), the numbers have to work and your investments need to fit into the big picture.

I'd be happy to connect and discuss how the Memphis market could be a great fit for you!

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fit into the mix?

Eventually I realized that you really just need to look for a deal that fits your criteria.

A HELOC or home equity loan on your personal home could be a viable option to fund the rehab, but it's always a good idea to chat with a lender to explore all your options and find the best fit for your situation.

My family actually have some properties in FL, and I have also researched this area quite a bit and I saw it might fit my strategies.