I've been eyeing land in Central and West Texas, and they occasionally have some interesting opportunities, but some of them seem too good to be true. 

A true Portfolio program offers a 15% Down for any SFR or up to a 2-4 Unit Multifamily but requires proof of some sort of income.

The challenge is, I’m not familiar with the local market—or the Mississippi market in general.Does anyone have insight into the market in this area or know of investors interested in properties in western Mississippi?

If that is true, is there any reason not to start with multi family?

No one is going to pay more than 4-5k, and even then finding that tenant is very challenging.

Finding the private money seemed to be the biggest challenge my friend has had while doing this. 

Wholesaling is one of the most challenging ways to start your carrier in real estate; over 90% fail within the first year. 

I have a few concerns that I wanted to get people's thoughts on. 1 - Selling a quadraplex 10-20 years down the road seems like it may be challenging as the market for that type of asset is small.

but it will still be challenging. 

If all that is true try @Dave Foster.