If you have two full baths it will appeal more to this group.The downside in Phoenix to a MTR is I am not sure you would get summer occupancy if you aren't the top location.

Option 2 with second lender is, get an FHA loan at 3.5% and use the concession to buy discount points and bring a 6.2% interest rate down to a 5.4% permanent buy down, putting me at around $3,450.00 monthly PITI and also adding 8k to the top of the loan for mortgage insurance.

Seems like they are doing a fantastic job of marketing a product that has amazing potential but isn't fully there. 

They are month-to-month and pay below market rate.I would prefer to sell it in its current condition and estimate that a diy remodel would top out at $15k.

We listed the top 2 (3x1) units for $1800 a piece and the garden unit (2x1) for $1600.

Connecting with local expertsThis forum is a fantastic place to start, and you’re already doing the right thing by engaging here.

It’s fantastic to have a Realtor and investor with expertise in new construction homes joining the community.Here’s how you can engage and collaborate with the BP community.

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

Helping others and adding value should be at the top of their list, not making another dollar!

I am hesitant because the first property is located where all the Olympics and World Cup activity will be in the coming years and the interest rate is so fantastic.