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.

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?

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

We even served management a notice to cure, but the property is owned by a large corporate entity, which makes us feel like we’re at a dead end.

They weren't targeted so they were dead.

A HELOC gives you flexibility since you can draw as needed and only pay interest on the amount you use, which might be useful if you’re not sure exactly how much you’ll need upfront.That said, it’s important to compare the interest rates between a HELOC and your expected returns in the stock market—if you’re making more in your investments than you’d pay in interest, it could be a good play. 

Play the long game and focus on rent and home price appreciation.

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

Quote from @Randy Achi: This is where a mentor would come into play big for you!