Then I would still have to do additional work on kitchen,bathrooms, leak around chimney, garage doors, and other misc items.

In your case maybe multiple properties if you want to be even more diverse. 

The hard part is figuring out what you can easily delegate but that is true of most businesses (I was good at it when I worked for someone else, but not good at it for my own items but want to improve).  

@Eric Lahoda, is it typical in your market to charge fees for those items separately?

In my state, we have to produce an itemized list of all expenses that came out of the deposit within 30 days of tenant moving out.  

Also, the biggest ticket item will most likely be the main sewer line disconnected, What was the quote for the repair?

With that said, for someone young and just starting out, needing to figure out all of those items; my go to answer is some form of a house hack.

Memphis also has a diverse economy and a growing job market, which helps stabilize rental demand.Moreover, Memphis has a strong rental market with a high percentage of renters, which aligns well with a long-term passive income strategy.

I'd just point out that it holds for other states as well.I would think in general states with less environment diversity would not have such extremes.    

And even better, you invest $70k, get $13.2k more in income and the property is worth $100k more than it is worth today...Second item, and really more important: Can you finish the basement?