The numbers are completely fake, with rehab costs that aren't even 50% of real life expenses.

I was comfortable and content living the life I had created.

In your situation, it sounds like the primary focus for you is more a quality of life play (reducing your commute time), and the STR may allow you to break even cash flow wise? 

But its also tough, because a 5 or 10 year timespan is basically 100% of your adult life so far, which makes it harder to have this kind of patience.

I have lived in Memphis all my life but do not know if this is the market I want to pursue.

I would think they would.I was just thinking after seeing someone one the news who had their life savings in Florida STR's.I think it is important to diversity and not have all income producing properties in one place especially when it is prone to a certain type of potential destructive weather. 

-CJ Johnson Life House Design and Construction San Diego, CA 

Here's a real life example of what Austin said above. 

Even if I were to collect the late fees it doest’t materially alter my properties performance and my tenants appreciate the flexibility in the very rare circumstances where they are late. 

The area had stalled after the 2008 downturn, but he saw the potential for growth, just like you did.He held onto the property, renting it out and watching the neighborhood gradually come back to life.