My interests lie in all areas of real estate, and I am eager to explore potential opportunities and gain insights into effective strategies.

I haven't sold yet, I've been analyzing property to get a head start on the 45-day timeline of identifying the potential replacement property (and because I enjoy analyzing property). 

Pick one with value add potential.  

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

That being said, if it provides me a significant advantage or a starting point, I think it would be foolish not to utilize it.Therefore, given these two different perspectives/starting points, I'd love to hear any potential advice on which strategies/niches to focus on first, and for which starting point.

On the other hand, you might find a common reason that a few of your potential investors are not investing that might change your own thoughts on the deal.

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

The market conditions are in your favor, and Memphis is a city that offers solid investment opportunities with a great balance of affordability, demand, and growth potential.

Germantown has better cash flow potential but may require more hands-on management.