First thing I would do is check the Memphis regs around STRs - https://library.municode.com/tn/memphis/codes/code_of_ordina...That will help you drill down on the area that it would work best.

Also, depending on the area, codes and historic have been a big pain especially since the new city administration has put a much higher % inspection requirements for "cosmetic rehabs".I've been able to turn majority of the units in the last 3 years. 

I would like to have at least a couple properties before moving out of state that will at minimum break-even on cash flow as a LTR with property management long-distance.Other info:Looking to move out on Memphis with my wife in the next 2-4 yearsLooking to start a family in the next year or soComfortably have ~50k ready to invest sitting in HYSA, excluding Cash reservesHave an extra ~$70k in stocksMost interested in A- to C+ neighborhoodsI currently own & live in a 2/1.5 Condo locally (3.5% interest rate)Not allowed to rent it outHOA fees have risen to where PITI + HOA = $1100/mo.Have ~$100k trapped equity, good zip code I could sell quicklyOption A: Purchase another primary home locally I could live in for 2 years (lower interest rate), with intention of eventually converting it to LTR when I move out of state.

Dirt cheap bandit signs around town about 150 placed and dotted around local zip codes with hot spots of interest/traffic.3.

After operating 1 rental for 2 years and another for just a few months, I just got notification from the code enforcement at my municipality (whom I had visited in person) that I didn't file a paper correctly and fines are possible.

On their website there is a spot that you can add your zip code to see the demand. 

The website is horrible, so many spelling and grammatical errors that you can't fix unless you know how to code.

If he titles the house in mom's name by gift (no gift tax this year due to unified credit) , she has lived there for the right amount of time, can she exclude the gain entirely under Internal Revenue Code Sec. 121?

I did find verbiage but from another jurisdiction "Unavailable for rent means a unit whose owner has filed with the code official a statement signed under penalty of perjury that such unit is not offered or available for rent as a rental unit and that prior to offering or making the unit available as a rental unit, the owner will apply for a Residential Rental Business License and comply with any applicable administrative regulations adopted pursuant to this chapter...."

Anything outside of criminal code  between ADULTS with their mental capacity INTACT is just that: a private transaction where two parties agree to exchange the goods at whatever price they agree to.