Hi Douglas, thank you for that, that was a very informative post and I have decided that Memphis is not the right place for my First Large Multi Family venture, so I am going to keep focusing on other areas.By this I am in no way saying Frayser is bad, it just does not fit my Risk Profile at this stage. 

The property managers we’ve worked with provided value at all stages of the investment life cycle which we logically subdivide into four phases: Market ResearchProperty EvaluationRehabProperty ManagementMarket ResearchThe knowledge you gain from seminars, books, podcasts and similar channels is by nature, general information.

I will definitely be doing a year lease with monthly rent at this stage.  

We have not found that we have increased turnover with month to month arrangements.

., it's higher risk).At this stage of the market I see a lot of virtue in choosing a lower leverage (20% down) option, but again that's really a personal choice.

At least this keeps her from going up on your cleaning fees a couple of months into a new arrangement. 

The significance of valuations depends on what stage a deal is in its investment lifecycle.

At every stage of the process they take a considerable amount of my time.

There is a $155k loan on the house, so my strategy is to offer $50K cash and a "subject to" arrangment for the loan. 

Will she keep you informed on all stages of the purchase process?