Let's say I came to you and said, "Hey Alex, I have an opportunity for you: I'd like you to invest your money into a business that's losing money every year, with a single asset (thus ultra low diversification), and where I'm banking on appreciation over an unknown time scale because 'values always go up'?".

On top of all of that, it boasts one of the best college football teams Ohio state buckeyes, which is very well known and has a cult following, and attracts a lot of people to the games.

One state you might want to consider is Ohio, which boasts thriving cities like Columbus, Cincinnati, and Cleveland.

Looks like they went with the ultra cost effective route on upgrades but they're still upgrades.

Yeah the ultra conservative in me is thinking this path because of the point of if i pay of a property and move forward I can always afford the rent payment of the rental if the tenant leaves until I need to rent it out again.

It’s one of America’s most affordable cities, yet it boasts a healthy economy, a good location, plenty of history, and a thriving art and cultural scene.Are you sold on investing in Memphis real estate? 

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Pick the one with the best online reviews or that you like the best, ask them for a VA loan mortgage referral (which will almost certainly not be some big box national "Ultra Mega Patriot Freedom Fighters United" type outfit reminiscent of the used car lot right outside the base gates where the E-3s can get a Dodge Charger with $250 down and a 25% APR). https://lgy.va.gov/lgyhub/home... 

More details to cover for the programs that are not explained here (or this would be an ultra long post since the guidelines are a couple pages : ) so best to go over with a brief call. 

If 20 respond, ultra low ball.