Hopefully I could then partner with them on a deal once I have gained enough "know how" and they trust me enough to let me take over the operations of a deal.

I've hired a PM because I don't know all of the laws, don't want to deal with the details, and trusted a professional to do a professional job.

Most of the best wholesalers I know are extremely successful house rehabers who pass a few deals along when they are overwhelmed. 

It seems like finding a house with a "20% discount" as is so often talked about in the books I read is extremely hard to find in this area. 

Juan Pablo Murillo If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

@Carlos Toussaint - I'd be extremely hesitant about paying up for an LOI.

The right property manager will have their own contractors that they trust.

I wouldn't even touch the city unless I found friends I can trust there, and since they're on board with helping me out, I figured it's time to explore.So, what tips do you guys have to share with getting into Memphis? 

I have been extremely lucky in the past with tenants, so I guess it's my turn to get a knucklehead. 

Never trust a sellers BPO.