I see your criteria, but I would strongly consider looking at Nevada.

Keep in mind this investor has a partner here in Macon who also oversees the construction projects.

I was also strongly "encouraged" to get an attorney.A local TN friend, who's an fabulous small-town attorney (like Matlock, only skinnier and not as tall) agreed to advise me.

My partner and I are expanding into new markets and looking in Raleigh NC and NW Arkansas for smaller multifamilies - no not duplexes but under 50 units. 

If you have a good lender partner, ask them about that type of loan.

Last but not least, my business partner Chris just mentioned to me this website which it seems to be pretty accurate in terms of market rent. https://www.rentometer.com 

Partner with someone on the down payment in exchange for equity in the deal?

Depending on his experience and tolerance for risk, he could be a money partner for investors who have deals but not the cash.

Right now I am in the study and evaluation phase and I may not need the TSP loan by the time I get to the first deal, but just trying to soak in the pro and cons of all options.Your feedback is definitely some strong food for thought on why it might be preferrable to avoid a TSP loan or keep it as a last resort when I am sure I can pay it back quickly.Thanks again for the thoughtful comment.Sincerely,Joe

Yes, you're missing something.It's Detroit, and it's just a bit north of Ohio.There's still solid cash flow in Detroit if you know what you're doing, and the potential for appreciation is very strong as well.