Also, does the 20 days start over when you submit a counter offer?

My question to others on this site is this:  Both properties have nearly doubled in price and are starting to decline a little though not much. 

I'm just starting out in wholesaling.

Tell them you want a 7 day inspection contingency.I'd have my GC (who you really need to find first, vet them, meet with them, feel them out, ask for referrals, look at their work) walk through and take pics and start formulating the costs.The ARVs can be pulled for you by an agent. 

I’m not sure why it hasn’t started to gentrify with its proximity to the West Loop etc.

First 10 years is interest only, then after that you start paying principal/interest, but you can pay off the credit sooner and then as you pay it off you can invest in more deals once you get your other properties cash flowing to cover the debt service.

Before I started out a decade ago, I tended toward books and information. 

The moment folks starts testing new markets because Memphis "Isn't working out" is the moment all the deals reveal themselves!

Once we know this, we can then explore options!

Starting small with units under $400K is wise, and you can grow from there as you learn more.