This is my 22nd or so, although not all were this deep. 

But for those that want to hold forever I can see these being cost effective.. but not if you think your going to exit.. unless there is some strong appreciation.. which the mid south does not really have or the deep south does not have.. 

Starting with a $1mil loan is really jumping in the deep end.

We also do a deep dive on the area looking at population and job growth, net migration, and employment diversification.

If you are looking for permanent financing, not sure how deep the market is for 90% LTV investor loans, but you might find something. 

Getting a special and start off with low down payment is not as good as you think but if the  the location is important as a consideration, the demand for what you buy property and tenant screening, it's in  growth area, is it located within a diverse area, the parking that is available, do you have deep enough pocket if funds are needed, Do nearby amenities exist, is there any nearby retail stores and what are they and does it fit your ideal tenant, and are there any existing tenants. 

I agree with Jack, you definitely have to look at the neighborhood in a deep way, not just the rent prices. 

We have received insurance proceeds and are also planning to sell the fire damaged property at a deep discount Can we use 1033 exchange tax deferral for the proceeds from the Insurance and sale of fire damaged property? 

We have received insurance proceeds and are also planning to sell the fire damaged property at a deep discount Can we use 1033 exchange tax deferral for the proceeds from the Insurance and sale of fire damaged property?

A lot of investors are making there tenant "buyers" responsible for repairs but if issues arise and the tenants seek legal consult you can get in some deep trouble.