Lease is to expire mid June and he is not sure he can afford to renew for one year and wanted to explore options.Other than not increasing rent, switching to month to month, the "until further notice" does not give much to budget and plan. 

See how much difference there is between the neighboring PINs and you can guess the PIN for each property you're exploring.

This type deal is not uncommon in Memphis, and out of state investors get burned when they focus on the paper returns and don't realize the unique challenges presented by the tenant class.

Thats a pretty dumbed down list, but hear me out.Without one of those readily available, you have to start exploring the best way for you to invest and what you give up in order to get started.  

Here's some quick info that might help clarify how rental income is taxed: Real Estate 101: How Rental Properties Are TaxedIt probably also wouldn't hurt to sit down with your tax professional and have him/her give you some expert advice specific to your unique tax situation.

Traveling South I think you can explore Quincy/Braintree and a more affordable Abington/Weymouth that's been very popular in the recent years. 

He knew up front that I do not have a realtor.Thanks,TroyAt the bottom of the BiggerPockets main page go to Filepage under EXPLORE ~ then go to CONTRACTS and search for the contract or purchase agreement that fits your needs... 

Unless you know a licensed contractor extremely well, have supplies already or decide to explore alternative methods for getting it done, my guess is your renovation expenses will be well north of 40k. 

Here are the terms of the proposed deal:What I put in/get:- I put in 150k cash- I put in the original idea and there are some legitimately unique elements to the community. - I put in countless hours as the developer working on the concept for a long time I found the site, did a lot of research to identify a unique target market. - I'll be doing everything that needs to be done that my partner doesn't do, including marketing the units, ets., raising additional needed capital from pre-sales and investors, dealing with accountant, etc. - I GET 70% of the company and profitsWhat the builder puts in/gets:- 10k cash, mostly for good faith- The LLC/Partnership will rent his construction company for the duration of the project.

Would recommend comparing and contrasting the economies, populations, housing markets, and rental incomes and seeing which market you think has the better potential for growth. reicitydata.com, the census, and Google Public Data Explorer all have easy access numbers you can take a look at.