., according to Zillow.Another research firm, SmartAsset, recently figured the average monthly rent payment in Memphis to be $769.While more than half of Memphians now rent housing, that figure is still well below the more than 60 percent who rent in Miami, New York, Los Angeles and in the San Francisco Bay area.Of the top 50 metros, 29 were comprised of majority renters (more than 50 percent) in 2016, up from 16 cities in 2006."

Maybe I need to be more specific in my question, lets say I'm going for the BRRRR strategy how different it will be from getting an Home-equity Loan instead of Refinance, talking about time, hassle and amount of capital that I can get back.Thanks @Ron Harris I did a little of research and though about getting a HELOC too maybe I should add that option into the comparison too.

I've been researching using Lines of Credit to pay down a mortgage (this one is for my primary home).

I researched the realtor, and she has been a realtor for over 5 years, with 30+ properties closed. 

if anybody knows people who are involved with buying and selling non performing and performing notes please list there names by replying to my post, thank yousome other strategies that i've came up with to find notes for sale are researching institutional buyers and sellers for mortgages back securities 

Well as I began to research this idea a little more, I stumbled across the bigger pockets podcast and I instantly realized how much bigger our goals could be than one vacation home.  

I'm curious to understand what is your source of market research (other than local RE agents, which of course is the best source to understand the local market).

You may even end up bidding on a second mortgage, so make sure you do some title research before you buy. 

I'm sorry I am a total newbie here, researching still before I take the plunge. you mentioned "The IRS is saying that FMR is $1,328 but that would mean a near 50% increase in rent".

I thought both sounded high but its within 10 blocks of 2 major universities (Illinois State University/ Illinois Wesleyan) and from the research ive done, rent is very high around those schools.