Memphis has a diversified economy, with major players in logistics (FedEx, UPS), healthcare (the Med District), and education (University of Memphis, Rhodes College).

Given the abatement option could you continue to occupy 15% of the building with commercial tenants while the rest of the building is converted or is that a logistical nightmare/ideally are you seeking different long term commercial tenants if you go that route? 

Seeking attention and validation, he expects everyone to look up to him.

Using your first property as collateral could help reduce the cash you need upfront, but it’s essential to weigh the risks and it's not really recommended specially if this will be your first.I recommend focusing on building reserves or seeking partnerships to fund flips.

Quote from @Muhammad Kashif: I would seek the advise of a CPA on this one..

Readers should seek professional advice.

I’m seeking locations with appreciation potential while also house hacking. 

As most investors seek to do in real estate, we want to generate positive passive income through multiple avenues such as equity, cash flow, and even tax advantages.  

The challenge for many of us seeking to replace our W2 income is coming into it with a serious financial deficit: bad or no credit, little or no savings (left after the crash, unemployment, divorce, health issues, etc. or any combination there of), sparse personal network, ...

Readers should seek professional advice.