You're not obligated to take his solution.I would tell Title you expect your full EMD back. 

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!

in 3  one broke even and 2 or perking along as expected. 

Nowadays many vacation homes are priced as STR businesses with profits baked into the price (with future guests expecting instagram furnishings).  

Even completely self-serve laundromats require daily cleaning and light maintenance.As far as time costs, expect to spend time each week troubleshooting equipment issues, routine maintenance, cleaning, and handling customer issues.

@Nick Rutkowski no good deed goes unpunished by desperate people:(We try cash-for-keys (CFK) all the time, but tenants always think they're smarter than us.Most are so ignorant, they expect the funds BEFORE they move out.NEVER!

So In my calculations I expect all three to rise.I think we were saying the same thing.

What the customer "expects" and what you are getting paid to do should be in writing .

The IRS changed how they treat single-member LLCs (solopreneurs like myself) and I expect there will be more changes like in Illinois coming. 

BTW, you can do an LTR on any property - house or condo - without applying for a permit.In the right location, you should expect to see at least a 2x return on an STR as opposed to an LTR.