Memphis is a great place to invest, I'd also recommend areas like Little Rock, DFW, Houston or Oklahoma.

A smaller group that understood these systemic risks and plowed forward anyway, knowing somewhere inside that they were likely duping a lot of supposedly sophisticated investors, capitalizing on the latest "pet rock" frenzy. 

Funny story: my son the rock climber was in the Seattle area a few years ago when they had a massive snow storm with more on the way.

Commercial properties can be lucrative, but the financing/underwriting required from lenders is generally more "conservative" relative to residential and usually have higher interest rates (unless you have a "rock star", long-term commercial tenant in place) and generally require more equity from the borrower compared to residential.

Just can't rock out any more. :)

Rock crab for USD $3 per pound. 

If you are lucky you are working with someone like @Jay Hinrichs how has been working land deals since back in the days when rocks were still soft...A LOT can go wrong!

Then clear a pool below a spring and rock formation. 

and as a lender in possession the paper was rock solid .. never had one default.. 18 months in the house is half paid.

Investors don't have teeth, the loans that are GSE/FHA/USDA.. are supported by Federal funds intended to help owner occupants.