If you self manage / AirBNB I see that that and maybe greater as a reality but I don't have time for that now, possibly somewhere down the line as a semi-retirement activity.   

EVERY surface, including all ceilings were semi gloss brown.  

It's almost always cheaper to buy a lot with a completely distressed structure than to buy an empty, improved building lot.The disadvantage to this biz strategy is that we usually lose out on "semi-distressed" property sales.  

We bought a palate of the vinyl floating floor product when they had their annual (semi-annual?)

For example there is a semi absentee subway that makes 55k per year * Cashflow not gross* for 140k with financing.  

In no real order, here's a semi-random list of questions I would ask:As a lender, how do you comply with our state's licensing and usury requirements?

Many Many Bay Area folks will sell their Silicon valley properties and move to these areas to retire or semi retire...

Perhaps consider getting one unit rented for a low price to get this property semi secured too.Update-I guess the Memphis pros are saying sell it.

If you have high credit limits or access to semi-liquid funds like a 401k you can borrow against those work in a pinch too.There will be storms... especially if you're buying distressed properties... takes cash to weather those storms!

I do have those tested / checked by licensed plumbers semi-annually and document that.