But as far as Memphis goes, @Douglas Skipworth, @James Wachob and @Ben Roberts and many others in Memphis know the market extremely well and are reputable with us local investors.  

Second, I had a offer accepted for a tiny 2 bd house (so cute) with a huge yard in my tiny town where rentals jump off the market before most go on!

I am not extremely familiar with Waycross, but I do know that everywhere has seen a pretty good seller's market even in small towns.  

Also, if you have a bank that let you do the same with 25-year amortization I would be extremely grateful ..I'm refinancing two properties now in NJ and I could really use terms like this..

Housing market is extremely competitive now.

They used crappy debt and then invalid and loose underwriting which makes their chances of failure extremely high down the road.  

It is extremely detailed and teaches a lot to a newbie such as myself. 

I know the law isn't always fair, but this seems a bit extreme.   

Each of these are separate municipalities despite all being within ~15 miles of each other and have their own (tiny) population figures that would skew the OP's basic formula.

me being a 20 year old found the answer to this question reading Brandon Turner's book "the book on investing in real estate with low or no money down" it has tons of ways newbies can invest without cash and how to be creative. extremely helpful.