In order for this to work you need to get a solid deal so you can be cashflow positive while carrying the higher interest rate in year 1.

In Memphis, I don't see you having an easy time to find solid renters at the $30K price point.  

But for the past few months I've spent most of my free time reading many articles, blogs, books, and posts to give me a solid foundation of knowledge in REI. 

A strong non-bank mortgage servicing sector will serve as a solid foundation as policymakers contemplate mortgage finance reform.

The neighborhood is solid, great schools and very family friendly.

The HOA is solid and the fees are $72/mo.

Solid Source Propery Management is a pretty good company to look into.

Any solid ideas!?

Any solid suggestions on what to consider? 

I'll no doubt need to partner with an experienced developer to give the deal more merit, but aside from that - I'll be packaging the whole thing.I'm just wondering what pointers or tricks-of-the-trade you have for a small-time guy such as myself that is looking to package my first solid deal?