I agree - plenty of affordable housing but you are not going to find it in a major city or a very desirable area.

Raleigh & Nashville have plenty at 65-68% LTV.Only one's on paper that pencil in at 75-80% LTV are gutter one's like in the hood or affordable housing.

There are plenty of people who want their hand held if you want to go this route. 

I invite my clients to meet with me at quarterly to discuss their investment goals and strategies to grow their portfolios. 

If they are all booked, there should be plenty of demand for you.

@Mitchell Litam There are plenty of good deals available in Cleveland.

This list includes a few:Lucid Motors with 2,200 jobsSilicon Valley Bank with 300 jobsRaytheon Missile Systems with 1,000 jobs in Southern ArizonaMicrosoft Datacenters with 1,100 direct and indirect jobsCarMax with 430 jobsInfosys with more than 1,000 jobsAnd Hopebridge Therapy Centers with 650 jobsOn behalf of the Arizona investing community, I invite you to plan a visit here and see what's going on for yourself!

Luckily, Memphis has a strong network of real estate professionals who are used to working with out-of-state investors, so you'd have plenty of support.In terms of risk, I think buying in Memphis is a good way to manage that.

Plenty of people have had the idea before.   

Some pros:- You'll have plenty of cookie-cutter comps so you should be able to get a very accurate estimate of ARV and/or sale price in the case of a flip.- Your maintenance and repairs will be mostly limited to the interior of the property as the condo management will maintain the building- You won't have to worry about tenants maintaining the grounds around the buildingCons:- Condo fees may change drastically over time and it's largely not in your control- Condo bylaws can be tough to work around.