However over the course of 3 months without any real word I started to follow up. 

And of course, that money is already spent so who knows how they'd round up the cash to return to those of us they gouged last year anyways.

Of course there have been plenty of deals that were successful without that requirement, but more and more I think it is really important to know the asset, know the area, know that deal.   

My question is do I have any legal course of action against the property management company and would it be worth my time and money to go after them for "lack of them doing their job"?

Make sure you have cash reserves for 6 months , steady w2 job if things go south and do not plan unnecessary big ticket items until you stabilizeI have known people start with 40 k and used it to fund flips and work their way up and get Business Line Of Credit for 200 K in 2 years and after that of course it is very easy

The property prices are lower compared to other markets, and the rental demand in certain neighborhoods can be pretty strong.Of course, it's always good to dive into specifics about the areas you're considering within Mepmhis.

Of course, if you are confident in the appreciation, seems ok to me. 

Of course, fix and flip provides faster returns, HOWEVER in the long term you will do better with rentals.

We have a dozen or so properties there, that are without water indefinitely, perhaps as long as month.Of course, that's small change compared to the utter destruction and loss of life.  

No headaches of property management and if they default we get the property back (after a foreclosure of course), but it's gone perfect so far.