Several large developers have built beautiful high end condo feel student apartments super close to campus which initially depressed rents in houses.

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

Find a large Commercial Broker in your area.  

Keep in mind a few things - many major markets currently have a glut of multifamily projects so you may be competing with large apartment complexes with amenities offering incentives in a competitive market. 

It has been largely under the radar.

of course this is a correct description but lets talk a bout reality.very few loans for most investors will be non recourse unless they are very large loans but the average under 1mil loan 97% of the time will be full recourse unless the lender is not ready for prime time.

Truthfully though, I would do a cash out refinance for a large sum of money on my primary residence to ensure I do get a better rate. 

I would be happy to have them move the large storage shed and its whatever contractor provides an acceptable bid rather than city employees doing the work.

(Only if you are SERIOUS about real estate as your wealth/career vehicle.)Make sure you join a brokerage that is large, established, and has a reputation for top performance and excellent training.Once you learn the basics and get out into the field to see the state of the market, you'll learn the price points and be able to know a good/great deal when you stumble across it.I have made some of my best (most lucrative) buys from meeting with a seller who wants to list, and when we discussed the price, I knew it fit my parameters, so I bought it! 

I have spoken to my neighbours but they do not know who the HOA board members are ( it is a large complex with 100 + townhouses).It is very strange but it has not proved to be a problem in the past as the management company deal with the properties externally ( eg painting ) and the common parts and have always done so competently and individual oners deal with the inside of the properties.They are now proceeding with the painting without doing anything about the termites.