@Rebecca Busch as some others on here have mentioned, are you willing to hire a remote CPA?

As Jay mentioned, private money can save the day but it’s going to cost you more than a HML would.

As @Stuart Udis mentioned, definitely make sure local zoning, legislation, use, etc allows for short term rental space.

If your plan is to wait until they are paid off to really start cash flowing then you may not be around to benefit.

There seems to be some decent value you there, especially with all you mentioned going on around Bay 101.

Like @Rick Albert mentioned, the cost of entry is low and the crime is something to be mindful of which is one of the reasons why it’s important to know how to navigate the different areas in Memphis.

Wait until some future event unlocks these losses, most commonly when one of your passive investments is sold or when your passive investments produce positive income even after all the deductions.B.

Would you share some thought on the prevention measure on some of the items you mentioned? 

They are huge in Indianapolis but also have a presence in those other markets I mentioned.

Also NEVER mention even in passing something you would like to do to the property like “I really would like to install new windows or repaint the exterior of the house,” etc. because the tenants will pester you about it until you do.