(Sorry, my fanatically anal tax pro nature got the best of me!)

Frankly, I think it might be the safest way to do it here since it's not exactly an area that naturally appreciates at a fast pace.

LOCATION: that's right, not only is it important for this place to be near schools, transportation, malls, grocery stores, etc but being in a place that's projected to grow in population and the job market average salary is expected to grow as well then you will naturally be able to increase rent costs without doing anything but playing the wait game and watching the rental costs of similar properties/units/roomshares.If anyone else has any ideas that they have either implemented or would like to try out feel free to add them.

And those small things don't really make anything close to a material difference on how the property performs, it's just a bit of my OCD nature. 

Overall you should be looking at a natural, well paced, friendly-but-businesslike conversation.

Here is additional information to help you out:Legal Contract:  You can buy state specific leases through online legal document platforms such as Legal Nature, Law Depot, Rocket Lawyer, etc. 

I also firmly believe all these youngster coming up should include a timber parcel in their portfolios.. no better passive income on the planet.. plus you can camp on them.. ride your quads .. hike.. see nature.. and if its big enough Hunt ..

Asbestos aren't a problem unless you open them to natural air but considering you said the plaster on the ceiling is coming down means you'll need to scrape and there for need to worry about the asbestos.  

So this line of thinking, real estate buy and holds is a business BREAKS because of the recourse nature of Fannie-Freddie loans, thoughts ?

(maybe not that bad, but point being: the incentive to perform usually just isn't there for the PM in these scenarios).Properties in A and B areas are usually easier to manage, but of course the cashflow doesn't come naturally, so value-add strategies that force casfhlow are often the only option...I don't know anything about the Memphis market, but if the property is $150k and rents for $1350, that's pretty close to hitting the 1% rule--which would make me quite skeptical.