I would MUCH rather pay hourly for my pm instead of a % of rent.

Quote from @Micheal Singleton: Hey stl folks, I'm a new investor .

I purchased both as a package and for the next six years enjoyed great cash flow as I paid the tax on the house lot annually at about half of what it should have been and neglected to pay anything on the tennis court lot.  

I am just starting out with a STR and found that VRBO is not very specific if they are collecting the tax and paying it to the State as a marketplace facilitator or am I responsible for this tax collection and payment ?

Don't let them choose for you.Just inspect what you expect....Also I would talk to housing office in Memphis to get a feel of how many people are on the Section 8 waitlist, what kind of rents they pay, what zip codes are they targeting, see if they have any stats about how long tenants stay and average rent.While a lot of people try to look at google street view to get an idea of the neighborhood, there is no substitute for visiting in person.

There may or may not be a pre-pay penalty, obviously I would negotiate for no pre-pay.- at year 7, can i extend balloon or notNo, unless it's in the contract or the seller agrees to it. 

And would they be willing to do financing for you so you don't have to pay cash up front? 

Yea give her the advance notice, maybe she pays and you save on the eviction fees.

if you miss your rate lock timing and it costs you to relock who should pay for that?

That said most folks have price targets and if large complexes are conceding 1 or 2 months on the 1st year lease, itll put downward pressure on your rent to some degree.