Check the regulations of the area since Memphis has some areas you'll need to avoid.

@Bandu Khote you should double check. 

There was an old superfund in the 80s to clean up metal contaminants in the soil from the old mining activity, so maybe check into that if.

I hired a project manager who was checking on his work once a week.I decided to fire him last sunday after sending someone to check on the floor which was in terrible shape.

Be sure to check out the local investor networking groups too.

Spell check: the term is "riff-raff"

We have the same vision, so this is easy for me to just check the progress.

I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.

2.If we decide to go with an LLC mortgage ,will three of us have a credit check run again which in case we rather do a conventional and transfer the deed ? 

If you're considering flipping, check out the neighborhoods northwest of St Louis, especially the Pine Lawn area.