The first step is talking to a lender and getting pre-qualified.

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.

Talk with the syndicate/Reit and your tax person. 

Lastly, if all this process seems like just too much and not for you, I suggest talking to @Chris Clothier that's who I'd personally go to if I wanted to make some market purchases off someone's word of it.

@Anshuman Thakur I'm happy to provide any other resources or refer you to an IRA specialist to talk through things if you'd like! 

If you’re dealing with a tough property, let’s talk.

Talk briefly and honestly about the condition and your plans for the property.

At one point Elon and Vivek talked about a 75% reduction in staffing of the federal government. 

If it provides a nice return on investment and you plan to hold it for a long while, then it makes sense.I already talked to the city and its OK to do what I am describing. 

The BP function allowing you to check references and actually talk to real clients of those QIs is a great advantage.