From what I understand, Memphis has very great areas and very bad areas.It's good practice for an out of state investor to build a local team or partner with a seasoned investor in the area.

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

@Kyle Griffin You need to be employed for 2 yrs consistently in a similar job to use the income for loan qualification.

@Jaelyn Whisler to come up with rehab estimates, it just takes practice really.

Of course, it is an ongoing expense, so if you don't plan on practicing actively then it may be more beneficial to have a Realtor friend to connect with who can set you up with a few searches.

Finally, re lack of rental comps in my area-3 bed/3baths like mine are a white elephant in my area, mostly consisting of bungalows built after WWII.

I expect their rates to be rather consistent throughout markets. 

Hi all,I'm new to real estate investing and am practicing doing some deal analysis.

. ^^)Simple practices such as visualization and meditation became a regular part of daily routines.Anyways, overcoming my fears and embracing a new mindset was key in helping me to begin networking with others here on BiggerPockets which has lead directly or indirectly to all of my real estate successes!

I am here to be a sponge and learn the ground level basics of what to do, what to know, how to obtain and the best practices of having rental properties and flipping houses.