3) Do I need to have an actual company or can I do this as a private individual?

I'm actually on here for my own investing not to be a CPA but I'd be willing to talk to you to explore possibilities of a consultation. 

Contractors, bids, and actual costs .

The best tools are the ones that you and your team are actually going to use.

The person working out of Dallas has been able to actually do full BRRR with a full cash out refinance on his deals. 

Quote from @Eliott Elias: You never really know what people actually do.

I'm actually surprised it hasn't affected tourism more yet but that's probably because it's cheap and so it attracts price conscious tourists, especially in a period of high inflation.

Generally, the rate might be higher on DSCR Multifamily but counteracted with a superior 30-year fixed rate (fully amortizing or even IO for 10 years) which can actually have a bigger effect on monthly payment and takes away any balloon or floating rate risk.https://www.biggerpockets.com/blog/multifamily-dscr-loans

Memphis has actually come up a few times in my research but I have done no research yet to understand the area. 

Truth be told, just because it is off market doesn't mean the deal is good, in fact this tactic is often used to get people to believe something is worth more than it actually is...I recently had an interaction with another Real Estate agent/wholesaler who reached out to me about a listing I have.