Your question in (1), my simplest answer is this is why you're not ready to be a Managing Broker, your lack of knowledge, insight and comprehension in this regard. 

I’m curious if the process in NYC is similarly structured, where it’s difficult but feasible to follow through, or if there are unique barriers that make it much harder or even impractical.If anyone has insights or could answer a few questions, I’d really appreciate it!

Just take it one step at a time, and don’t hesitate to reach out if you need more insight into the Memphis market. 

Talking to a property manager can give you more insight. 

@Steven DeHart I'd start off listening to the podcasts and gaining as much knowledge as possible.

I’m looking to gain knowledge on real estate investing here on Bigger Pockets and excited about the possibility of learning from and connecting with both new and experienced investors!

If you have expertise in this area, I’d greatly appreciate any advice or recommendations for tools or systems to streamline reporting and organization.Thanks in advance for your insights!

The major pros that I note is a 1% downpayment with no PMI. any insight would be greatly appreciated. 

You can exclude all appreciation on the original capital gains investment when you exchange or sell a property in an opportunity zone if you held it for more than 10 years.You are able to permanently exclude 10% of deferred gains from capital gains tax as long as you hold the property for at least 5 years and 15% if held for 7 years.Deferral of recognizing capital gains after the sale of a capital asset as long as the capital gains are invested in a QOF within 180 days of the property disposition.

Hi Scott, consider USFR for zero risk cash, earns 5.4% holding 8 week Floating rate note US treasuriesor for mild risk cash, consider BKN - BlackRock's Muni fund, earns 5.6% tax free, which for you would be >9% tax-equivalent yield, and if rates fall, the BKN etf will rise considerably, which though will be capital gains taxable :(, It holds intermediate term Municipals that are all GO, general obligation, so they can always tax us dumb schmuck citizens to pay off the notes instead of defaulting, so low risk but not zero risk for cash. ie (Orange county '90s)Inflation has already resolved, the 3 month trailing core PCE is at 1.5%, well below FEDs 2% target, so they will likely start cutting soon as the 12 month trail falls in line, that's why Powell changed his verbiage so much last Wednesday, and FOMC minutes speak of 150 bp cuts before the end of December as their expectation per their Dot Plots, the only question remaining is consumer spending,(>60% US economy), if falling like McDonalds/Starbucks/Uber saying then unemployment will accelerate and then possible recession, then 10yr yield falls even more, and bonds values would rise like Mike just said above.