Your scattered approach is going nowhere fast (analysis paralysis) and is highly likely to result in someone taking advantage of you:(Recommend:1) Figuring out what investment approach suits your skills & risk tolerance2) Determining where in the US to apply your chosen approach3) Learning everything you can about that market4) Networking & building contacts & team in the market5) Doing a "test" investment in that market to make sure your expectations are met6) Investing more if your expectations are met.-- If not, go back to step #1 as you many have chosen the wrong approach!

Due to the high turnover and increased vacancy throughout the country I would raise the rent, put them on a month to month, and be thankful that you have a paying tenant.

However, a lot of condominium communities have clear guidelines on rental restrictions that often prohibit leases less than 6 or 12 months.Before paying for a really nice high-rise, please make sure you will be able to monetize it the way you'd like prior to purchase.Best of luck.

These items will vary from DSCR Lender to DSCR Lender and can also be determined by things like your credit score, property type and its DSCR ratio, etc.  3% origination cost is very high for DSCR as well unless you are essentially "buying down" the interest rate quite a bit (trading fees for a much lower rate over the life of the loan)I have also been told by multiple people that I should create an LLC or Trust.

-Do the area demographics support occupancy and higher rents (population growth, low unemployment, low crime, increasing wages)?

Also, even though rents are high in Memphis it is very difficult to get the rents to work out to 2%.

$1,550 seems like a very high mortgage payment on a 3.15% rate and no more than a $225k loan. does that payment include taxes?

For you to ask this, you're valuing that "16% CoC" so highly it's likely overriding the real material aspect of the investment.

I estimate high of what the bill would be and put it on their lease, I have not had any issues this way and if the water bill goes up, I will increase on the next lease. 

The other catch is the high interest rates today and doing a refi will be expensive.