In all of my research I haven't ever heard that legally you have to pay yourself rent and count it as income but I don't want to unknowingly do anything illegal and then have to pay for it later.

Enough elementary economics, another true saying, "poor people have poor ways" being poor is often the result of the ways selected to achieve something, slapping tar on a roof when it should be repaired,  later water damage causes a greater loss and the roof still needs repaired. ( "A stitch in time saves nine" comes to mind as well).  

Likely a good stable area to invest, but I would not count on much appreciation.Personally, I have one rental in East Memphis close to the University of Memphis (38111) and a contract on a home in 38134, on the Memphis side of the Bartlett area.

Tom Jeses glad you crossed off wholesaling from your list.

@Ethan Atkinson @Eric Cross @Ryan Johnston Thank you all for the responses!

I can count on one hand the number of FHA 3.5% down 2-4 unit MLS deals I do in a given year.

Keep your fingers crossed that they haven't accepted another offer already.

(The vacancy numbers are weighted by county specific vacancy counts, not a numeric average of county vacancy rates.)I put a link to the source of the data at the end.2019 Proj Total Population (& annual growth)1,255,325+0.86%2014 Proj Total Population1,203,7352010 Census Total Population1,162,386July 2015 Certified Population Estimate (NC only)1,190,4732010 Census Total Population: Urban627,87254%2010 Census Total Population: Rural534,51446%As for housing, the 2010 vacancy numbers reflect the impact of the Great Recession.

I would just add not to count on above average rent, specially with some of the leases expiring, as the tenant are more likely to move away from above average rents. 

Yes, any accepted money counts as "rent" because it's implied that if you took money that you had agreed that the amount given was suitable.2.