Some of the laws in NY changed recently and you are required to obtain a certificate of no harassment, No permits will be issued until it is resolved.You will need to work with the current tenants for this certificate to be approved which can take up to a year or more, Definitely something big to consider.  

I am definitely the one doing the work on the LLC as well as the tax complications being lower with a single member versus the spousal partnership.

Tesla Inc. appears to be on the verge of a major expansion of its huge factory in eastern Travis County, with recent filings indicating the Elon Musk-led company intends to add 5 million square feet to it — a 50% increase from its current size of 10 million square feet.

It's good that you have the HELOC option though.

Why Memphis is Ideal for House FlippingSeveral factors make Memphis an ideal market for house flipping:Affordable Property Prices: Memphis has some of the most affordable home prices in the U.S., allowing flippers to invest with lower upfront costs.Growing Job Market: With industries like logistics, healthcare, and tech expanding in Memphis, demand for housing is on the rise.Steady Appreciation: Home values in Memphis have been steadily increasing, providing a favorable market for short-term flips.If you’re looking to get into the house-flipping game, Memphis offers the potential for high returns in a stable, growing market.

I'd love to connect with other locals who can point me in the right direction. 

Tried last year but the deal didn't go through.

The problem is all the deals are crap.

If the rental is more than a day trip to visit schedule some time to inspect the rental in the first 1,3,6 months.

I’ve had two in the past five months that are at the 2% level.