Is the property just a regular-style house or something you can build an experience around?  

I’ve had a great experience with Brian Hartsell at key properties for my vegas properties. 

Quote from @Phil Petite: Quote from @Scott Gresham: Hey Phil,I live here in Memphis and can say from experience that Tennessee makes it easy to setup an Llc. 

I personally do not have experience managing rentals.

In your experience, do you find that it's possible to cashflow or at least break even with these properties and today's prices/rates?

They can't assess all the subjective data like overall layout, view from the living room window, the dogs next door that bark all day, the width of doorways, size of individual rooms, quality of kitchen cabinets and appliances, etc.The best thing to do is study your market regularly.

Any experiences or thoughts would be appreciated.

Ask an attorney for the cost breakdown, factor in holding costs, assume they'll do more damage on the way out and then ask for a bit more for the headache.But again, especially with no experience with evictions and it sounding like a mess, I would be very tempted to just walk if the tenant is not going to cooperate. 

In my personal experiences a lot of structural items start with bad drainage.

The problem with metrics is that there is no one metric that fits all investors and situations.Looking at some of the enervation shows on TV, the price they pay and what they put into the property would never work in the markets we have experience in.