Or paying off my debt, while I provide them with a nice house to live in instead of an apartment. 

In the long run, I want to have properties that are producing strong cash flow (eventually would love to own small apartment buildings and syndicate larger deals), but it seems that focusing on cash flow and reinvesting those cash flows will be a slower process than focusing on properties prime for appreciation or with opportunities for forced appreciation.

Memphis is a great place to invest, I'd also recommend areas like Little Rock, DFW, Houston or Oklahoma.

Looking to invest in multifamily apartment complexes>50 units.

For large apartment projects, it is not practical to demand the return of all letters before closing.

Same with a refrigerator replacement, HVAC system repairs, etc.So, I am back to echoing Jaycee: first, don't be discouraged because someone else says to avoid a part of town.  

I have a property in Bulverde, Texas that is five bedroom 2 1/2 bath plus a one bedroom apartment studio with a full bath connected.

The #1 reason that Landlords fail, according to the American Apartment Owners' Association, is the landlord's failure to manage to the lease.  

They do everything from apartments to mixed-use to self-storage.

This specific deal was a close friend's apartment that he was renting.