A good property manager who knows Memphis well, a reliable contractor, and an experienced agent who specializes in investment properties will be key.

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

A one-off property in Newark is either going to get you 15 percent payment or terrible PM unfortunately.

Your strategy of partnering for the down payment is exactly what I’m working toward—leveraging relationships to make things happen.

The debt may not report to your personal credit (unless you are late on or miss payments, then all bets are off)2.

You can use a low down payment to get into a house and have renters help with your mortgage.

You mentioned buying a fixer upper with your HELOC and now are talking about a 20% down payment.

Layer on the ability to invest the funds that otherwise would go towards the down payment and transactional costs and you likely come out ahead in such a short term horizon renting.

Have all payments from  the tenants go to your LLC. 

You have a payment once you borrow against it, but not before.