With in mind, if there are any contractors that are willing to do me a service for a couple of bucks, it would be highly appreciated.So the moral of the question is, is purchasing a home from a bank a PITA or is it not worth it as a first time investment?

Either their costs upfront outweigh the long term desirability of the designs (see geodesic dome houses or underground houses) or their costs are high due to the attractiveness of the designs (see post and beam or timberframe homes).

I am trying to partner up with somebody else to do me the legwork would be needed in the future fix and flip transactions i probably will do out of the state when i am absent , including which is the most important thing is to watch the rehab process and contractors progress anybody has an idea how to setup that king of relation and contracting ?

It would have to be falling over significantly, mortar missing, flashing damaged, missing components, and some more just to say it needs a full replacement.I would love to get into the stories I've heard about deal killers lol but it wouldn't do me any favors.

Mitchell is simply stunning and a vacation haven for rentals.An unrenovated cabin anywhere in this area with a great mountain or water views can easily command $250-$300/night and up.  

As you are in Memphis I am stunned you can't find a deal in a year.  

I think the bad reputation and high crime has held it down for quite sometime, but now new forces are moving in to develop residential and commercial space that will be close to the new Georgia Dome and Turner Field Redevelopment as well as the Beltline.

I'm stunned at the level of activity here and look forward to absorbing as much as I can. 

This seller is domed by ignorance, and it's not a viable choice for you until he comes to the table with something like an installment sale (aka owner carries the 1st td). 

“I’ve never seen anything like this before.”The speed of the collapse has been stunning.