Hello @Fulati,With that budget, I would look for houses in East Memphis, Cordova, or Bartlett.

There is also an ad on small "house" which is also being rented.

Things like this are why it's important to work with a professional who is well versed in real estate taxation because the "common/simple" strategies taught frequently like BRRR or house hacking actually get fairly complicated when it comes to handling it correctly. 

Is there no one else of your religion in the area looking for housing?

After the new home is built, I plan to sell our primary house.

But if the guest was drunk, didn't know they broke a bottle, or simply failed to tell the owner, now what?  

I have a property that I could sell for somewhere around 400 K with owner financing.

And better yet 80%+ of this asset class tenants are home owners by nature, divorcee's in process, there living standards are home-owner conditioned. 

I bet that essentially no one is starting new construction projects, which bodes extremely well for owners 2-4 years from now.- Prices for insurance policies will never go back down, but it is not unreasonable to expect costs to rise at a more predictable pace from here.

Nothing attracts buyer leads like houses for sale.