I believe this area is considered Dancing Bear, not sure if that falls under Sky Harbors territory.

My second one will be purchased by myself and my fiancee and I'm running into being unable to finance the next one with a 5% down or lower because my bank is telling me that it doesn't fall under the correct guidelines because it is a duplex.

Everything I read about vacancy tells me that it's the silent killer of real estate investments. 

We have decided to use the BRRRR method.We are each starting with an initial contribution of $10k and splitting the profits (after all expenses and contingency funds) based on our ownership percentage, starting at 1/3rd each initially.My question is really, how do we structure the purchase of our first property such that no individual is at risk of being screwed if it all falls apart?

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

If the roof falls apart 3 months after you close, will saving $200 a month really do anything to pay for it?

It sounds like I would fall in the regional debt category.

if your looking at memphis you should also consider bartlett, Lakeland and Arlington as places that fall in your price range. 

It can and does work if you have an honest discussion about things like not having to pay realtor commissions, that they do not need to invest any time or money in repairs, that you can pay cash, that there will be no contingencies that would cause the deal to fall through and in fact you can have closing as soon as they are ready.

Thanks Jon, that's what I thought.I'm in a non-real estate partnership out of state (CA) and it's involved.I'm silent, passive partner, still one day in CA triggers more.I would assume I would still file with a loss to have the loss carry forward documented.