If you have to bring in a partner with more experience and or funds, that may also be an option to help maneuver through this deal.

Establish good communication and relationships with your tenants to foster a positive renting experience for both parties.

Do you read the contracts you sign or do you just click away without reading when you get sent a document via docusign?

Concise, thorough and easy to read.

Upfront expenses and monthly payments must be considered when calculating the return on your investment.EXAMPLEI will provide details below, but here's the short version for those who hate to read or do math.

Sorry you are dealing with this, but it'll be a good learning experience and you'll be sharpening your skills. 

Quote from @John Mason: People who say JV is bad do  not know how to structure  it and manage it and the exit strategy..What are your experiences correctly structuring a JV?

. - Most 5+ unit lenders will want the borrower to provide documentable real estate related investment experience.

Additionally, if anyone has experience financing real estate investments in Memphis or knows of any local resources or experts who can provide guidance, I would be very grateful for any recommendations.Thank you in advance for your help and guidance.

That is what I have found during my experience (in my markets).