The tenants upstairs would like to stay, and have excellent payment history.

With that being said, 35k gross profit on a 150k sale will probably net you something a little 20k, which is an excellent start to your real estate empire. 

@Brie Schmidt Preferably companies with excellent reputations, although I realize Memphis Invest is one of the top companies in the industry so that may be a big pair of shoes to fill. 

Multi family is good so are MHP  4. hook up with an Excellent HML who places funds for individuals you can make 9 to 12% pretty easy with no tenant issues.get some education either free on line or pay for it but get quality education so you understand the in's and outs... most of the on line stuff and pod casts are just glossing over concepts many of which may or may not work in your market.also get a RE licence this will give you basics and expose you to those in the industry.. especially the commercial space

Thanks for the feedback @Bill Gulley and @Hugh Ayles, you both make excellent points. 

Excellent advice.

You can then use Excel's IRR function to calculate the IRR.

I live in a city with a large university (Lincoln, NE), and I've found that graduate students are excellent long-term tenants.

It's an excellent way to start off with a bang. 

Excellent point @Blake Facente  It definitely makes things more stressful having that timeframe limitation.