I am primarily targeting short/mid-term rentals around the Shore.

I don’t rely on pre-set searches I’ve set up with an agent because those can run 1-2 days behind what gets listed online and you can miss out on hot deals by waiting that long.

I missed out on one great opportunity because I didn't have the lending set up.

So those methods not only can not target motivated sellers, even if they DID target them, they wouldn't sign up with you.Why do you think the conversion rate is less than 0.1% doing those strategies?

Unfortunately, my property in Memphis set on the market for about 6 months.

If you're looking for something that provides cashflow and can run itself, then I would suggest setting up a team and buying a multifamily property that is in really good condition.

On the other side of the house is a set of four garages that someone else owns and rents them out.

I'm also looking into owner financing or setting up a lease option with current residence once my lease is up, and potentially turn it into my first rental. 

Send them a couple reminders on a set schedule, just in case they honestly did forget.

That's why I'm not just borrowing the money from him at a set interest rate.