The country has not realized yet what is happening here, but the dynamic is gaining momentum.

Considering your criteria, Memphis could be a great fit:Affordability: Lower cost of living makes it accessible.Diverse Economy: Stable market with strengths in healthcare, logistics, and education.Growing Population: Steady growth can drive demand for rental properties.Youthful Vibe: Vibrant culture and entertainment options for young people.Real Estate Opportunities: Research neighborhoods for house hacking and investing potential.Ensure thorough due diligence, connect with local professionals, and align your goals with Memphis's unique market dynamics.

I'm familiar with JV doing rehabs but I would imagine the dynamic would be different for rentals.

Many revenue management solutions such as the ones we use leverage "AI technology" to dynamically price the leases based on market rents.We have used AI for RE content, adwords, etc.Next few years would be interesting as AI works its way into the real estate industry which has not traditionally been an early adopter of technology.

Don't be a one trick pony as Brian calls them.To do that, learn RE first, understand market dynamics, how transactions develop, flow and close, then apply the appropriate technique to turn a lead into money in your pocket.Begin by learning RE basics, then how to market RE.

We used leverage (20% to 25% down) to scale with sufficient reserves.The past two years have been hard on us personally due to myriad of reasons 1) higher turnover costs in our area possibly related to COVID and local market dynamics 2) bad section 8 tenant (not allowing anymore for our homes) --> eviction and costly repair  3) unexpected high cost repairs on few properties  - water intrusion needing french drain, plugged old sewer line needing new sewer line,  fallen tree that pulled electrical cable that pulled out the wall electrical panel.   

Our mid/long-term growth prospects are promising and our stable and recession-resistant market dynamics make it a great please to deploy capital!

Get acquainted with Turno to coordinate cleaning, PriceLabs for dynamic pricing, maybe Guesty as well, and then grab a smart lock that connects to your phone. 

Obviously follow all state regulations on percentage increases and notice times but what we found very helpful was to add humanity (marketing) to the dynamic since we self manage. 

Assess these factors based on your goals to make well-informed investment decisions in these dynamic markets.