@ Actually I created a list from that area on listsource which contains about 1100 properties.

Memphis Invest uses a software called PropertyWare to track all expenses, collect statements, and create a ledger of accounts receivable, paid, outstanding, and overall return on investment.

What I wrote above does not create an attorney/client relationship between us.

We were thinking about creating a LLC and use this townhome to help start our journey. 

Great way to learn how to create and close deals - and any budget can work!

Most conventional wisdom/lessons learned are to the tune of not over leveraging, and any discussion involving >80% LTV seems to create a sense of nervousness (I am making a generalization here).

@Scott Choppin, thank for creating this whole conversation!

Also, there are faculty and staff, plus the businesses created to serve the community. 

Great way to learn how to create and close deals - and any budget can work!  

I'm not one of the "pros" you asked at the end, but here's my 2 cents:With your immediate refi strategy, it sounds like you intend to create value through renovations/repairs (since you only can make money with an immediate refi by buying cheap or forcing appreciation).