I have done a fair amount of digging through data from various sources but it's always good to get a boots on the ground opinion.

I would network and find 2-3 regular people you can trust in Memphis who can give you boots on the ground opinion of the street.

@Karthick Bhaskaran & Account Closed I'm sure you have contacts here in Indy, but if you need boots on the ground or general area info about south side or downtown or the "hot hubs", feel free to reach out.

If you get the resources in place and some boots on the ground, youll be off to a good start.

It's a cliche.However,one other fad we have seen on BP is this pull to lower priced markets (I won't mention names so as not to offend sensibilities,but you probably know them).The reality of the business is that these markets are lower priced for a reason.You may be getting an assassin's cash flow and C-O-C returns today from your units in these markets but when jobs hemorrhage in a recession,your cash flow rapidly turn negative.Big markets suffer less in a massive recession.Occupancy and vacancies mirror what the local job market is doing.The sole reason I relocated to Jacksonville from Cleveland in 2011 is to stop being an "out-of state investor".That brings me to the other point under this topic.We saw a very lucrative 16-unit listed some 18 months ago.Well,it should be lucrative,except despite listing at an attractive price,most interested buyers couldn't get the numbers to work.The numbers didn't work because the out-of-state owners were getting absolutely wiped out year-on-year by phony expenses logged by their "boots-on-the-ground" and PMs.Even in strong markets,it's crucial to buy in good parts of town.That way,when vacancies inevitably occur during the apocalypse ,your copper wiring or HVACs won't be stolen....or your property vandalized.Choose your market wisely.

I've done this by being strict on my underwriting, only working in areas where I can assemble a boots on ground team to augment my weaknesses from being abroad.

Since you inherited this tenant, and if they are not doing anything you don't want done in the place that was permitted previously (indoor smoking, pets, etc), and paying on time, then consider it a gift - you have all kinds of leverage for raising the rent or booting them out without the lease.

Make sure you get a large non refundable deposit from the buyers before booting a tenant.

You need boots on the ground.  

To minimize that, consider the ways it can go wrong, assess the probability of that thing happening, if possible have a plan B to combat against it, or hedge against it in another way, insure against it, mitigate it, or otherwise figure out how to actively avoid the risk and still get into the investment, and after all that then decide if the total risk is worth it balanced out against the reward.