I use tenantbackgroundsearch.com, although many of the vendors provide automated reports that are nearly identical. 

How comfortable are you in dealing with people who want to steal from you at all times?

Would we be able to put the home in the Holding LLC since our names are directly on it (albeit a Delaware LLC meant to hide our identities)?

@Darrick Lowe, We just had a situation nearly identical to this-  Eastern PA.

The IRS has issued a warning to Tax Professionals to beware of scammers that are trying to steal business and taxpayer information.

Who is going to buy the non-performing buildings unless they get them at a steal?

Then there's the issue with doing a 1031 which is fine but my property taxes would go from $2200/yr to $4400/yr for an identical home. 

Personally, I'd pay with cash or utilize hard money and obviously the market in Memphis is very different than in Phoenix, but I don't think there's any way investors could get something for that much out of pocket down here haha.Man it was a steal, got it off market from another local agent I work with that knows I buy, used Avalon Capital's hard money loan which is 100% purchase/100% Rehab.

Identical situation happened to me so I went to a new lender 2 weeks before closing and everything went perfect.

Using a VA loan for a second property, where I’d move in and rent out my current home.When I made an offer on a fixer-upper (I didn’t win that bid), the loan officer mentioned it might be difficult to convince the underwriter why I’d need another VA loan for a second property in the same area, especially since the new home is almost identical to my current one (same size, age, school district, etc.).