Well........they sent a picture of a section of the roof, some of the shingles are u and guess what- NO insurance on it now.    

I have nice portfolio of rental property in the Memphis area as well and constantly selling good investment property deals on & off market to my clients!

I can definitely say that while the bigger fire we had was a pain... it actually worked out really well... in the end we had a much improved property, and we stepped in and did as much of the work we could do ourselves that the insurance company was compensating us at  'retail' rates for... like painting, and replacing cabinets, and other simple tasks.  

Once you figure out what type of property you are looking for, laying out the repayment period for investors will help as well.

That clarifies some things pretty well.

I agree....but the OP should still bear in mind that these Blue cities will still have very tenant-friendly laws in place, so that should be weighed into the decision as well....IMHO. 

It also has considerable risk involved as well. 

I think this program is an incredible way for new young investors who might make under the income limit, to house hack in high cost areas, which will appreciate well, and then afterward they can buy more rental property potentially in cash flow areas.   

Aim for 6+beds and theme 3 bedrooms strongly and you should do well.

And does the driving time count as well?