This was a very unique situation that turned out awesome for everyone involved. 

For a rental you can use any neutral colors here are some that I recommend by BEHR The Home Decorators Collection Basic KhakiCotton GreySoft pebbleSmoked TanAnd for your trim you could use Glacier valley i hope this helps

Our region is unique in its current pricing. 

Based on other things I've read, I had thought that Loopnet was a place where listings went to die, rather than a good place to find them, but perhaps Chicago is unique?  

Memphis has great potential for solid investments and we have a unique market.

Unique approach for sure, kudos to you.

The shift likely won't be as drastic, but there will be a shift.Nobody really knows how the market is going to react to school starting this year - buyer and seller behavior has been a little bit different than in previous years so we might see something totally unique this year.

You need to ask your CPA to give you a definitive answer to your questions based on your unique facts and circumstances.Other related issues you should also consider ... your hazard insurance  policy and your title insurance policy. 

As someone wobbling before their 1st investing baby steps this question isn't a top priority, but following 'begin with the end in mind' (and because I like to follow odd tangents)...Everyone has their personal plan, a unique goal.

House hacking is a great way to do this, but in our area you have a unique opportunity to buy a 2, 3, or 4 unit with your first time homebuyer.