I wanted to start with a cheaper property I could reasonably afford and also learn from.

Most of the homes we built on these lots sold at a profit, but a couple did not, again, because of the reasons above. 

@Jose Morales Is there a reasonable expectation backed by fundamentals suggesting these properties valued at $25K will appreciate?

$25k is only 4.16% of your new purchase price, heck of a deal.Thank you for your service and let me know if you want to talk any more details and run actual numbers based on your situation.

Multifamily properties in Memphis are still reasonably priced compared to other markets, and landlords benefit from landlord-friendly laws and relatively low property taxes.Additionally, many investors have successfully implemented the strategy you’re considering—acquiring and eventually paying off properties while maintaining steady cash flow.

You'll find that rental property investing isn't scary at all and a great property manager can actually save you more money than they will cost!

So people argue a) whether it is actually required and b) what are the consequences if you do not file. 

We have and do lend in Birmingham and have seen lots of folks buy 45k houses put in 30k and expect them to be worth 120k-130k but they are actually worth 80-85k. 

It will also allow you to focus more of your time and resources in the actual real estate vs. raising capital which usually leads to poor real estate acquisition and operational decisions because raising capital is your full time job leaving an inadequate amount of time for the real estate.OK, chasing 32unit apartments, acquisition priced between 3.2M - 4.8M.  

It’s not advertised, then I deny someone cause I don’t like them for some reason etc.