As a result, I am hesitant of using my cash to buy and renovate a property if I can't BRRRR my way out the deal.

The IRS generally does not allow you to deduct expenses for a property that has not been placed into service, as deductions typically apply to operational properties actively being used to produce income.

Your call, but shooting them may result in some serious jail time.

The squeaky wheel gets the results.  

The cons as i see it include loosing the 2 of 5 year cap gain exception, typically not an ideal rental because the emphasis at purchase was buying a good home for your family and not a rental with optimal return (my ex-home consistently has the lowest cash flow for equity in my RE portfolio), not disconnected enough from the property causes addition angst on damage and may result in over improvement.  

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Relying on that logic is to rely on resulting.  

Specifically, what research results told you these were two good cities to invest in?  

IF you decide to move forward in Memphis, recommend buying the first one turnkey to get you going.You'll learn a lot about rentals and the market with the first one.THEN, if you like results you can look for agents & PMCs to help you buy more and save the 20-30% markup you mentioned.Recommend you also read below info to set your expectations correctly:_________________________________________________________________________We think the Midwest is a GREAT place for OOS investors to consider!

The number of remote workers peaked in 2021, as a result of the pandemic.About a quarter of Austin workers are remote employees, according to the report.