I'm fairly familiar with the zip codes of Memphis but lack a bit on the street-by-street knowledge. 

You are in a great market for buying rentals, and simply need to establish criteria that you stick to, so you know a deal when you see one. 

A smart guy once said "All models are wrong, but some are useful" It takes a lot of experience and discipline to know if your model is useful or if you are simply fooling yourself. 

But the one many don't consider is theft, whether it's from contractors stealing materials, or someone breaking in and stealing tools, materials, or just simply vandalizing the place, causing delays. 

It could mean a bunch of things but, at the least, shows a lack of initiative on their part.

Thankyou Assuming he can't simply write a very large check, it sounds like your buddy will be refinancing with a hard money lender. 

The weather here in Phoenix is usually very consistent and enjoyable, which makes me think that this may be a great market for it.For those that may not know, the fenestration business is simply know as the window/door market.

The ones I see most with investors are:1) Not having enough cash to handle expenses and rehab2) Unrealistic expectations on returns (especially in a hot market like Austin)3) Lack of patienceKeep us posted on your plans and I’d be happy to connect if you would be interested to talk in more detail about our current market.

Our lives are simply not long enough to let timelines of cycles, of which we can not predict, to be the driving force in our investment decisions.

The people most likely to invest in your deal despite the lack of track record are the same people that already trust you for other reasons--such as friends and family.