Is there a dominant strategy here?

You have your large players, which can have both advantages and disadvantages.

I've read many books and listened to many podcasts on real estate investing and am now ready to become a player. 

Most of the major commercial players (CBRE, Costar) lump the two cities into the same metro area and CBRE is reporting that it's a 7-cap market for larger multifamily.

@Joe Prillaman complete global domination.

Usually, you'll have your best results at first with your dominant hand as your push hand and your weak hand as your guide hand, but you're going to be switching back and forth as you work and you'll quickly get get better with your weak hand pushing.Expect to go through the whole 10-pack of razor blades in about 400 ft2.

To get a feel for how the nationwide players structure the deals, check our www.cadre.com or similar sites that are crowd sourcing them.

One thing I'd recommend, if you haven't already done it, is to setup a keyword alert for "Chicago" and just try to get familiar with who the active players are.

Memphis is a primarily cash-dominant market with as-is sales on investment properties such as this one, so you are expected to have all due diligence performed in advance.

Just substitute the Properties for the stage players, the Money and Strategies for the Notes, and the Plan for the overall Score, and you have REI...and it will become a new music to your ears.