I recently started a new job as a project manager for a contractor so I'm starting to gain a fresh perspective, but I think people value their time, money, and ideas. yet recognizing that isn't something that comes easy overnight.

Two points here, TERMS can be virtually anything NOT just the standard list, YES that DOES mean your term could be "we will deliver unto seller a fresh home baked pie every 3rd Sunday for 3 years from date of sale", YUP that is a legal term. 

Freshly painted with all new flooring throughout the home along with light fixtures.

IE if the property is in the city of Memphis proper you have county and city property tax  so investigate that a little bit.. if you buy just out of Memphis like just over the border in MS tax's could be lower or as stated out of the city limits.rule of thumb you dont need to drill down into these numbers  napkin math is simple for rentals. you will have about 40% to 50% of your rent  at 1200 and under go to the proper care and feeding of your rental.if its less over time great job you get the upside. 

New deck on the front with fresh stain on the outside of the home.

New deck on the front with fresh stain on the outside of the home.

Then do the same for the places you wish to investigate in PA. 

Anyway, I would buy a property in a neighborhood with no HOA and needs cosmetic work, like fresh paint, cleaned, possibly floor/carpet replacement or just a good carpet cleaning, has good mechanical system (HVAC under 10 years old but Max 10 years old).

Another possibility would be to call the next house a second home, which requires less down then an investment property but I think this is the same situation--deceiving the lender.Thanks,Wayne It is mortgage fraud, which is investigated by the FBI.

Updated the kitchen and bathroom as well as some fresh coats of paint.