You should very well be able to incorporate a holding company whose sole asset is an apartment complex, this is done all the time on either side of the 49th.As for the "crappy five year term", I'm sure if you asked your bank for one, they'd do their best {not} to disappoint ;-)

@Jen Boyd  Good morning Jen  - It's disappointing to see your troubles and I get exactly where you are coming from.  

In doing my research, I'm so-so on the Memphis market, but like some of the turnkey providers there with a long track record of credibility, trustworthiness and not disappointing investors, which is #1 in my mind.Some of the concerns I've read, but I understand may be skewed as I haven't read as much regarding other markets are: 1 - Difficulty finding tenants without financial judgement against them from PMs?

As for your comments about what you want to buy, I think you will be disappointed in what is available for $200k in the multifamily market.

That is disappointing to hear. 

@Janelle Scruggs  That is disappointing.  

So many times clients call me about a property they saw on Zillow only to be very disappointed to find it's been pending for DAYS or even WEEKS!

I'm guessing grandma gets TANF and the state is looking for a way to get reimbursed.They will be hugely disappointed, except for getting several family member and personal reference contacts.  

I found the AR market disappointing.  

I didn't follow through with 7 mailings, because my first mailing produced 2 responses out of 1000, which was extremely disappointing.