I will play devil's advocate and mention what kind of properties you may get creatively.

Mid term rentals however are another viable strategy for the area should further restrictions come into play.

And the one time we did get sued by a tenant the LLC never  came into play (slip and fall on ice that the tenant won a nice settlement on from our insurance company, insurance company handled it all). 

Strong property management and careful tenant placement also play a critical role in success here, so I recommend partnering with a turnkey company or an agent who specializes in these areas to make the process smoother.As for rental demand, homes that sit for extended periods are often the result of issues like pricing, condition, or tenant quality—not necessarily a reflection of the market as a whole.

If nothing else, put a few dollars in for giggles - most of us on here can afford to “play” with a little cash (whether that is $50 or $50k depends on you) Why on earth wouldn’t you play with something that can potentially triple your money in a week or two?

Playing for cash flow still, but also a little for appreciation and the single families typically dont require as much hands on work on a weekly basis (mowing grass, shoveling snow, etc.)Everybodys niche will be a little different.  

Unfortunately, ther'es no guarantee, because there are a lot of variables at play here.

I knew it was a long term play as well, and wasn't looking for something immediate with them.

Quote from @James Kerson: James, play along with me:1.

I would consider it, but living and knowing the Memphis market, the purchase location plays a big part.I see that this was posted in 2010, so I am assuming you have had many replies and probably don't have the property any longer.Tommy DouglasTDHomes4U LLC