A lot of times, I see landlords advertise that the application fee will be applied either to 1st months rent or security deposit.   

You will want to make sure to get your security deposit note out on time along with a note letting them know they can't use their deposit to cover the last month of rent. 

Lastly do you prefer a full service modern condo buildings with parking, pool, security, gym etc or more an independent SFH with a yard.

The more complex aspects include circumnavigating the security measures intended to prevent scraping from occurring.

Also I am interested in working/helping out with anyone who needs "Boots on the ground" or anything done for multi-family or Single family rentals in the Memphis area since currently I have more time then capital and my goal is to secure my first property (2-4 plex) via an FHA loan by this summer. 

If your question is "how can you do this and not work a regular job", then see @Alexander Felice's post above.

., there was a technical error, and the section of the tax code describing 15-year property (Section 168(e)(3)(E)) was in fact not amended to include qualified improvement property.So for now, strictly-speaking, in 2018, qualified improvement property is regular old 39-year property that is not eligible for bonus depreciation.We do expect that a technical correction to the law will be made, but for now the IRS has actually stated that it cannot guarantee that absent legislative correction it will accept the legislatively intended change in recovery period and bonus eligibility.Anyway, this is neither here nor there since you have stated you are a landlord of residential rental property rather than non-residential real estate.And this does not affect the application of 100% bonus depreciation to both qualifying new and used property place in service after 9/27/17 and before 1/1/23 that @Yonah Weiss pointed out.

Plus, unless a really unfortunate series of events happens, most regular folk do not have their personal residence taken (not saying this is the case 100% of the time). 

If I am following this you have a current mortgage that you wish to pay of with a hard money loan before securing a new mortgage to pay off the hard money loan.

If you bring me one I will allow you to shadow me through the process of acquisition rehab and sale / and or securing permanent financing.4) Don't know much about lynn.