Memphis has a pretty affordable housing market and tends to offer solid rental yields, which might align well with your goals.

From what I’ve heard, a lot of lenders are starting to offer similar options.If you need help navigating it, let me know.

When you go to refinance, no lender is going to offer much better than 65-75% LTV, which means under the best scenario you'll be $27,500 short in repaying your lenders.Are you financially prepared to make up the difference?

Most insurance companies are leaving state by state and stopping to offer landlord insurance all together. 

To determine what to offer on a rental property:Determine reasonable market rent, NOT the highest!

I did find verbiage but from another jurisdiction "Unavailable for rent means a unit whose owner has filed with the code official a statement signed under penalty of perjury that such unit is not offered or available for rent as a rental unit and that prior to offering or making the unit available as a rental unit, the owner will apply for a Residential Rental Business License and comply with any applicable administrative regulations adopted pursuant to this chapter...."

I haven't done my first deal yet, but I wanted to offer some insights to help you prepare when you're ready to find the right partner.

You can lean on the buyers/sellers agent to offer a 360 video walk through. 

I simply want to offer a second opinion should you need it.

Since they already have first lien, they are more likely to offer a second.