The current tenant was already in place when I purchased the building, and their lease is set to expire in a few months.

The appealing aspect here is the ongoing population growth and other economic factors.

I called the zoning department and they are telling me this is a Mixed use building (N zone).

Build a local team of real estate agents, property managers, and CPAs to navigate local laws and manage your property.

It's arguably the #1 most important factor to a listing, be it for leasing or selling.

The market is always evolving and there may be good deals to be had near term or you may need to wait a while, depending on many factors like interest rates etc.

I'm finding that this strategy is helping people, building repour with people, and continuing to keep business moving forward while some say it's hard and sit on the sideline to wait until there is mass movement.Appreciate your time and reply and good to hear that you're experiencing some similar action a couple hours' drive away. 

I know of only one building that allows Mid-Term Rental 1 month or longer.   

To save those costs, you might want to stick to some year build and older, for example, if you cannot do inspections on the properties that you are buying due to off-market deals or something else that is hindering you (all sellers I buy from do not want anyone in the home till we close).

In his experience, Memphis’s higher-than-typical rent-to-price ratio sounded great in theory, but property management turned out to be a huge factor-especially if you’re not local.