The only danger is the banks due on sale clause so make sure you can qualify to fiance a new mortgage @Brian Gibbons is an expert on subject 2 transactions and he can further help you Good luck

Final option would be to wait until the market cools.Investment money burning a hole in your pocket can be frustrating and dangerous if you loosen your standards to land a "deal".

There have been distinct periods that I recall where Memphis was booming: 1. 

residential areas are divided into 67 distinctive segments based on their socioeconomic and demographic composition, and then further classified into 14 LifeMode and Urbanization Groups...."

However, sometimes folks don't make that distinction, any more than they know that the BBB is not an arm of any government.

If you want to stick to your location you will have dance around your numbers...and that's a dangerous dance.

@Skip Gilliam I sense a potentially dangerous combination of circumstances: you have quite a bit of accessible funds, a lot of motivation to get into RE, but not very much lexperience.

You could also not physically see mold but it is airborne at very dangerous levels which is why (air quality tests) are needed.If the roof was patched over the years and now it needs replacing the dues might be slated to go up soon to cover it.Are condo's all that is available to invest in your area??

Make that highly successful and then start adding slowly.Being a DABBLER with some knowledge in a bunch of things is dangerous.

Dangerous to have it open very long.