That's great that you're taking the initiative to learn and BP is a great place for it!

And with the contract going back and forth for initials, it can take a few days sometime.Also there is nothing unethical about not taking your offer.

Was initially going to buy a townhome as I no longer want to rent, but felt as a single guy with no major obligations, turning this into an investment oriented approach felt like a better move.

Not sure if I should be asking a question on my initial post.

I was initially interested in Memphis, but after reading up on various websites, forums and blogs, it seems the best days to invest in Memphis are behind us.

Maybe you can initially move them into Room A knowing that they will move to room B once room B is done.The basement can only be included as a room if it meets fire code... i.e. has big enough windows for egress.  

My initial goal is to sell to an owner-occupant and not have this as a rental.  

@Wade Stahle:Identify the exact closing date of your initial purchase - should be on HUD-1 form, you should have it with your closing docs. 

So if I were looking for a turnkey property in a good market, I initially look for the CAP rate before I decide to pursue it further.

I would call that middle class at least, and that's assuming 0% interest on that initial $3.5M.