Find out how much the city utilities and taxes are compared to property prices and rental prices (craigslist is useful for checking rental prices), and then see where you want to start investing with the best return on investment. 

To allow for easy separation of utility costs, I'm installing dual HVAC systems, dual hydro panels, and pony meters on the water meter.

It must meet common sense standards nothing too outlandish.

At best, you should hope to break even after mortgage payment and owner-paid utilities. 

Also, how common is it for wholesalers to do Joint Ventures in Memphis, and is it beneficial??

We had some common ground though.... seemed really nice. 

New construction costs can vary on several factors - land development, total sqft built area, on-site/off-site utilities, retention/detention area, covered/open parking, type of foundation and the list goes on.Do u have all permits from your City/County?

I believe owner financing is quite common in this asset class due to the issues with financing.

That alone is about 15k to get utilities to the other lot.

The utilities are worth 6-7k