I just read a new ranking of market ratings and I was not a fan seeing MN ranked 99.9 out of 100 potential score.

Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.

I worked for a property management company that requires all potential tenants to check into the main office prior to showing as a means to provide a safe showing for the employees.

Restrictions are placed to prevent potential buyers from acquiring those properties before they are disposed of by banks.

Laundromats are open to the public, and if the local neighborhood has a high crime rate and transient population, those can be potentially expensive problems that can affect your business.

An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

Ordinarily those tenant vacated damages would be too remote, but it sounds like they were contemplated by both parties at the time of contract.Were I in this situation I would be looking to state law to determine if the EMD is truly the extent of my potential liability as a buyer. 

Plus, Memphis has been seeing some positive neighborhood revitalization, which could lead to nice appreciation down the road.Of course, all the markets you’re considering—Dallas, Austin, Houston, Columbus, Cincinnati, Nashville, and Las Vegas—have their own unique advantages and potential.

Obviously some potential issues with the lender, but how often do these deals really happen?  

Once could purchase the land (and potentially other land/real estate in the future).