To rattle off a few: TPC Las Vegas, Arroyo, Paiute, Canyon Gate, Wynn, Bali Hai...

Seems like you're biting off a pretty big chunk right out of the gate.

Quote from @Charley Gates: Hi Marc,You ask great questions and I'm happy to share my thoughts.I am not familiar with the Memphis market. 

Generally agree with others here, avoid HOA's, gates, 55+ only or communities w/ "rules".

Don't invest your entire nest egg first time out of the gate whether local or out of state.

I decided while he was there to have him repair the gate which is old and the difficult to open and close.

sorry to hit you with all these questions at once but these are some things to consider.When considering your market you might find out of the gate that MFs (multi families) might not be possible.

Since you are just coming out of the gate into REI,I would recommend taking a stab at wholesaling first.It will help you develop and fine tune your investing skills with less risk.

We saw two super nice houses in teh same gated subdivision in Phoenix south of I-10 in a gated subdivision with nice new shopping centers nearby, then had two different property managers and a guy who works for the highway department incident response unit tell us they would take a long time to rent, rent for not much, and then be trashed, as the area is infested with gangs from south of the border.

I would never attempt to build a gigantic home as the first one out of the gate.