I am Kenneth, a realtor stationed here at the heart of Memphis, TN.

A lift station failed during the last hurricane. 

Okay, I'll jump in here.I've done SBA 7(a) loans, one for 1.7mil and another for 2 mil, for two separate commercial properties (gas station c-stores, ground up raze and rebuilds). 

I wouldn't be shocked if in a year or two she starts kicking the tires on jobs in smaller TX markets like Bryan/College Station, Temple/Belton, Waco, New Braunfels, San Marcos, etc.

That's like buying a lot to build a gas station, but it's zoned residential currently...but maybe you can get a permit. 

Under Servicemembers Civil Relief Act (SCRA), the following are considered “uniformed members:” Armed servicesActivated National GuardCommissioned Corps of the Public Health ServiceCommissioned Corps of the National Oceanic and Atmospheric AdministrationTo terminate the lease agreement, the tenant must meet the following conditions:Tenant joins the military after signing the lease agreement or signed the lease agreement while in the military then ordered to permanently change location or deploy for more than 90 days;Tenant provides landlord written notice; andTenant provides landlord copy of the military ordering him/her for a permanent change of station or deployment for a period of 90 days or more.Landlord fails to perform its dutiesFailure to do repairsTexas law mandates residential landlords to make a diligent effort in repairing property problems that materially affect the physical health or safety of an ordinary tenant.

You'll need to know if your site will gravity feed to sewer, need easements to cross other properties, or will need a pump station or grinder pumps for each home.  

When we were stationed in England, and bought our houses, we got a thick stack of documents going back to the Norman Invasion of 1066. 

I stopped at the police station and they gave me 5 police reports since last month.

With a 1-BR condo, the appreciation lags well behind SFH's, but over the long term there's no way it will lose value -- it's near hotels, a major bar/restaurant destination, good schools, and a station that serves the city's best Metro line.