Also I am interested in working/helping out with anyone who needs "Boots on the ground" or anything done for multi-family or Single family rentals in the Memphis area since currently I have more time then capital and my goal is to secure my first property (2-4 plex) via an FHA loan by this summer. 

BRRR works and is really profitable, but if you want to ask about specific deals than you're going to find some that use this method poorly.

@Hiro Kitagawa, qualified improvement property has become a bit more interesting than your CPA made it out to be.Now, there is in fact a category for owners of non-residential real property called qualified improvement property (QIP) that as of 1/1/18 replaced the old qualified improvement property (yes, same), qualified leasehold improvement, qualified retail improvement, and qualified restaurant property classification rules, as well as includes some property that would not have fallen into those buckets previously.The committee reports indicated that QIP placed in service on or after 1/1/18 would be eligible for a 15-year depreciable life as well as bonus depreciation rather than the standard 39-year, non-bonus eligible method applied to non-residential real property.However, the law was not drafted correctly, i.e., there was a technical error, and the section of the tax code describing 15-year property (Section 168(e)(3)(E)) was in fact not amended to include qualified improvement property.So for now, strictly-speaking, in 2018, qualified improvement property is regular old 39-year property that is not eligible for bonus depreciation.We do expect that a technical correction to the law will be made, but for now the IRS has actually stated that it cannot guarantee that absent legislative correction it will accept the legislatively intended change in recovery period and bonus eligibility.Anyway, this is neither here nor there since you have stated you are a landlord of residential rental property rather than non-residential real estate.And this does not affect the application of 100% bonus depreciation to both qualifying new and used property place in service after 9/27/17 and before 1/1/23 that @Yonah Weiss pointed out.

Thanks @Steve Vaughan and @Wil Reichard,  So if I am not planning on doing the BRRRR method, because I don't want to deal with all the rehab that will be needed, how else would you go about it, given my situation?

If I am following this you have a current mortgage that you wish to pay of with a hard money loan before securing a new mortgage to pay off the hard money loan.

If you bring me one I will allow you to shadow me through the process of acquisition rehab and sale / and or securing permanent financing.4) Don't know much about lynn.

I went down the wholesaling rabbit hole and decided I wasn't a fan, explored creative financing compared to my personal risk tolerance and logged it away for future potential use, found the BRRRR method and read just about everything posted about it.

In most markets and neighborhoods you can establish a pattern but in markets like these it becomes completely subjective by using the extraction method.

Curious to see if more experienced investors use other methods so will follow this post in hopes of learning from others as well! 

Unfortunately, you aren't able to choose different methods when determining basis.