Memphis has a steady, growing economy, and there’s always demand for rentals, which makes it a great long-term bet.

The extremely hot summer has subdued the demand this month though.

@Emmanuel RugambaChicago is a great market for house hacking because of its affordable 2-4 unit properties, strong tenant demand, and diverse neighborhoods.

When speaking of a strictly commercial loan that is a different animal as is not 2 units purchase first time buyer which @Thomas Lebens states he is. 

I would be very careful with a contractor demanding a deposit before they start work.

Is your place in demand?

they know the areas were land is in demand.. cant just buy any land..

Multifamily (5+ units) is a different animal than SFR, but there agents (or brokers, as they uniformly call themselves) clearly add value, in my opinion.

The highest appreciating markets and those with the greatest rental demand/price- like those in Florida and Texas - also cost more to acquire and insure. 

Aging reports would be another avenue to explore, but again, may not even have these.Lastly, while maybe this property is in a desirable area of town with strong demand from highly qualified tenants, but I get the impression this is a rough part of town, with very limited demand from tenants.