I'm currently finishing my degree in Supply Chain Management and I am considering double majoring and adding Commercial Real Estate. 

@Champagne Goldston, you should absolutely ask for the last 12 months of expenses and any major repairs / CapEx items that were done as long as the seller has owned the property. 

This is a tool that is used to quickly analyze profitable deals just like the one you have described.Keep in mind; A large majority of lenders are hesitant, or will not, lend money on land, let alone construction costs associated with a "tiny" home.If you were considering using a VA loan (based on your profile picture) forget it. 

You're still somewhat close to major freeways and close to inside the loop. 

These are your loans that you can apply for at pretty much any major bank or with any loan officer. 

I'd definitely suggest getting a home warranty (~$500) so that your major mechanicals are covered for your first year while you save up some cash to be able to cover them on your own!

This is the first major renovation project that I have done (rehab costs well over $100K).

Right now we are open to any advice on markets but have been doing the majority of our research on Dayton, Memphis and Birmingham.  

That is how the vast majority of people wind up with rental property.

He did do major upgrades on the properties BUT I’m not crazy!