Good properties in KISD do not last long as there are numerous investors looking at every property.

I've read in numerous areas that Memphis is a great city to invest in for rental cash flow properties.  

I was commenting yesterday on another interrelated post, about 'cold calling' at people's front doors who are likely to loose their homes, and there were numerous great points made there, as well, entitled "Lead Generation By Door Knocking ."

Both have been mentioned numerous times by guests on the Bigger Pockets podcast and I have detailed notes to both books.

I tried calling numerous numbers and all go to voice mail (they actually say don't leave a message because they know they would be flooded) or get knocked around the choose a number to be connected to....I'm trying to get clarification on their letter.The bold part is what I don't quite get - we still have to pay the "wrong" amount and they will refund our overage back and apply the discount?

Hi Mike,I agree with Doug, the subject of self-directed IRA is a frequent discussion here on the forum as well as there are numerous articles about it on BiggerPockets blog. 

You need to contact numerous lenders and find one that assesses a home based on it being on a permanent foundation as opposed to piers.

your net worth is higher in the scenario with the 15 year loan because you are building equity through debt paydown. the fallacy here is that equity is not realized wealth, and can disappear in an instant. if your home is in a town whose economy is supported by a factory, and that factory closes you could lose 20% of your property value. if you purchased based on cashflow, you will have made money over time, but if you purchased based on the idea of building equity, you just lost your shirt.purchasing with the intent of cashing out in a few years with equity is similar to gambling on your property values. if they go up, you win, but if they go down you lost it all.if all is well you could even invest your extra cash flow from the 30yr mortage back into principal payments, and your debt would be paid down essentially the same as a 15 year loan, but once you take out a 15 year loan, you cannot lower that mortgage payment

I've bought numerous properties at courthouse auctions. 

With the leverage route, the investor was simply speculating, betting, gambling or whatever term you feel comfortable with, that market would go up or just betting on more cash flow per unit.The key difference is, although you spent $100,000 in both instances, you have $0 debt the cash route but $400,000 debt the leverage route ($80,000 * 5).