Foreign nationals can expect an interest rate that's 1-1.5% higher than U.S. citizens so your wife being an American does provide you with an advantage.

As one of the biggest home buyers nation wide, word has it that New Western has 4 dispo reps for every 1 acq rep.  

That might be the national average for rent price increases but I don't know if that's a realistic expectation in Memphis.

This could be an option but based on where you are you might be better of looking near a national park and rental arbitrage is going to be less feasible in those areas (but still possible). 

Find a new tenant - If the tenant does not agree with increased rent, find a new tenant (maybe a national franchise like Chipotle), with higher rent.

We've had a lot more success with good old fashioned cold calling, response rates are lower (5-10% nationally) but you don't have your accounts being shut down every day.

I'm also a Realtor® here in Orlando and also on the board of CFRI, the local chapter of the National REIA.

This is related to the discussion of "super liens" earlier in this thread.To your concerns about the rights of competing liens, my read of the statutes and case law indicates that any liens (other than IRS liens) that existed prior to the date of a tax sale are extinguished when barment of the right of redemption is completed (see National Tax Funding v Harpagon).  

Even the big national builders have been and continue to build there with PLENTY of land left to go. 

tell them you're not ready to have your credit pulled and don't want to start an application, and then just ask what you might qualify for, what is involved in filling out an application, etc.call some national banks and some local lenders.