I am still in college, so obviously I have no experience, but that doesn't stop me from looking for deals/practice evaluating.

Goals are:1.) take a loan that someone else pays off, get tax benefit, build wealth through appreciation2.) get practice/become proficient in property management3.)

I also agree with @Curt Davis that Memphis is a consistent market that will be attractive for many years to come.  

Although for practical purposes you probably only work with this buyer once if they stiff you.Its customary in our market to bring great deals and Make NO commission selling it to your rehabber or builder with the unwritten expectation of list backs.. but you cannot force the list back.This is very true and applicable to agents who find builders infil lots they take no commish on the lots but list back the 500 to 1 mil dollar home.

So a bit vague I know but it will take a while of consistently working a system to get to where you want to be with this.

I do out of state investing and am competent in understanding how to get financing, how to build a rehab team which consists of people on the ground that perform due diligence, contractors, realtors, wholesalers and stagers.  

will rent be high and consistent enough to meet my 15% ROI minimum ?

Not only from a practical point of view, which is all that really matters, but the FARBAR gives the seller an out if they can't deliver clear title, which they can't.  

I am about to jump into the "pool" of direct mail marketers...yup, as the distressed property owner sorts through his mail, over the trash can looking for utility bills....and throws away all those yellow letters etc....I'm actually going to spend some hard earned money to be one of those letters....with the hope that someone on my mail list chooses to open the letter, or read the postcard and call me to see if I can help them out of their financial situation.I've asked a lot of questions....watched videos....read articles...and given it a lot of thought.I need a list that I can mail to on a consistent basis..I'm thinking once a month for six months...then move on to a new list.The criteria I plan to use:single family and multi family propertiesowned for at least 10 yearshave a trustees sale notice recorded within the last three monthsMaricopa CountyIs this a perfect list?

I'm just getting started in RE, and based on what I've learnt so far, I understand it's a good practice to do any deals as a Business, either as an LLC or Corp.