Most of the investors that replied to this discussion, and BP overall tend to avoid these areas, for obvious reasons.

While I've never done it, it seems to me like the wholesalers are kind of like consignment shops for real estate (ducking to avoid someone throwing a microwave at me).Since it seems like you're in it, any chance you can hold it for a while and allow the rental income to float you, until you find a buyer? 

And if you don't have 10' high ceilings now then it's probably not a great idea because the mechanicals will make your finished height much lower and you want to avoid a drop ceiling for max value as well.  

@Denise Evans If the property is a void tax sale, how do I become the new owner?

just keep knocking on doors and making phone calls, I finally got a good deal to sink my hooks in to and have your same issue, in the middle of a refi-cash out to buy this other property and the bank is throwing a wrench on the deal by asking me to pay off a car note to make the 51%DTI ratio. this bums me out but will keep pushing on until I get financing secured to nab this other property, maybe hard money to buy/fix and rent ( I am trying to avoid doing this), or maybe 203K loan, there are too many options, you need to exhaust all possibilities until you get one that fits. good luck brother.

Should I avoid this deal.

Avoid these sorts of guru events like the plague.

My goal is to have efficient, teachable methods, rent collection, listings, etc, so that when I am ready to hire an employee/employees, they can be trained to run necessary aspects of my business without skipping a beat.Any and all advice is welcome, and I thank you in advance!

I say this because the 'Protection' aspect touted by the LLC has never been tested in court (so i've been told by a lawyer).

@Dean Harris @Jason Hopkins So it seems like you both avoid duplexes in Memphis?