Look for those "C+" neighborhoods where there's potential for growth, but be careful of areas that might be too rough, as that can make property management tough.Also, consider connecting with local investor groups or meetups in Memphis to get a more targeted understanding of the market.Good luck!

In any case, speed and reliability make you a more attractive buyer.

Also it would be good to know how much the tenants are paying in rent to get a more clear idea. 

Planning for a full renovation from the start is a smart move because it gives you a more realistic view of your budget and timeline, and it allows you to aim for the highest ARV without cutting corners.As you move forward with this flip, make sure to track all your renovation costs closely, since it will help you with more accurate estimates on future deals.

If you prefer a more passive, long-term wealth-building approach, REI is solid.

Once you do that you will have a more clear understanding of how to deal with rental properties

A more holistic approach that is more art (experience, knowledge, and feel) than science (spreadsheets), but it comes with time.

Getting an accurate ARV and running different financing scenarios will help you make a more confident decision.Let me know if you have any more questions or need to walk through the numbers further!

If you are okay with the trade-off of paying 20-30% in management fees with less tax savings for a more passive investment, then management companies may be a good option for you.

On occasion these letters have resulted in the parties entering a more formal easement agreement.