We are also considering maybe doing a 2bed 2 bath condo more downtown where it may be easier to rent out, but there is HOA fee with that. 

No, 2% is not a rule, it’s a target.  

If you have questions about the agreement down the road, it makes it easier if the attorney your dealing with wrote the agreement. 

The folks who will do what you described have mostly moved up in the price range as it much easier to make a living.

I'm only looking at SFR though, so maybe it would be easier than your deal.

Also, I found condos with less than 8 units easier to join the board of the HOA and usually isn’t professionally managed.

I intend to use conventional financing for the first few, as I currently only have one mortgage at the moment (my primary residence.)I haven't narrowed down a target market, but so far, everything has me leaning towards Memphis for a starting point.

I see that you want to target professionals because of close proximity to 19th Avenue, but based on experience in the area, many of the homes we rent in Parkside and Sunset do not attract the IT professionals because or location and proximity. 

SFH deals have been a lot easier for me to find.

Jeff Oberts and don’t forget to send your guests and make them sign the rental agreement (easier done on vrbo than AirBnB) that says “if you break your finger it’s not my problem” so these situations never occur.