@Najeh DavenportNo one can answer this question as you don’t list city, state, county, zoning.

You are Dallas guy go look at these cities YoY-- Raleigh, Austin, Nashville.

On the other hand, there are some cities that might require you to register (pay) your self or company, and also register (pay) for each property with the building department. 

The city has high taxes and free lawyers available at the court house. 

However, as you stated, Memphis can vary significantly by street, so I recommend visiting the area personally and observe the specific streets and surroundings, or doing a zoom call with a trusted realtor who has physically been there. 

Even cities 1 hour out have still seen great appreciation in the last 10 years.2.

But what have HUD policies got to do with foreclosure law.EXAMPLE 1SUBJECT TO MORTGAGE RECOVERY ADVANCE FROM XXX AND XXX, WIFE AND HUSBAND TO UNITED STATES OF AMERICA, ACTING THROUGH THE RURAL HOUSING SERVICEEXAMPLE 2SUBJECT TO PARTIAL CLAIM DEED OF TRUST FROM XXX TO THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT

Would appreciate any connections/ advice for an out-of-state investor.thanks

Quote from @Robin Evans: Check your state laws.

A lot of cities in the OC don't allow STRs and the ones that do may restrict them in the near future.