There area  few great deals that require around 500k cash, and even if we split profits and equity with someone then the work doesn't seem to justify the profit.

Unfortunately, there are a few bad eggs who take extreme advantage of people which inevitably causes these issues.

You will see various properties listed for any area that you choose. 

This is directed at people in the Memphis, TN, area.  

There are a few mobile homes that are for 7-12k in decent condition.

Worth area.3. 

I've helped quite a few people house hack in this area so if you have any specific questions about areas, rents, appreciation, and such just reach out anytime and I'll be glad to help!

If there are any meetups in the Nashville/Brentwood/Franklin area, those would probably be a good start.  

We're closing in a couple weeks on a 5-room motel in the Tahoe area that also has a 4 bed / 2.5 bath / 3000 sqft SFR "manager's unit" that will be our primary residence. 

Speaking from 31yrs of experience, I'd keep it in your local area as close as you can to your your residence.Also, there aren't many undervalued areas in the US - RE has been a main source of income/investment for decades now and it's finally ballooned to the top.