I live in California, but am looking to purchase my first single family rental property in Memphis, TN.  

We'd live there for 1 to 2 years while saving on not paying rent and building equity.After that, my first milestone would be $10k in cash flow per month within 5 years. 

With that he can get a warrant for the guys, girlfriends' residence who lives in that town.

Where in Portsmouth did you live?

Do you have to live in SD to make that kind of money? 

I live in Lancaster, CA and own a single family home rental.

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If not, you could take title as an individual and later transfer to an LLC (you might trigger some due on sale and/or transfer tax, so get legal representation on that).If LLC is not possible, I've used Revocable Living Trusts many times. 

But we live and learn.

Though I plan to live in it for the short term, potential house hackAny advice on how to negotiate this deal?