The best thing I can tell you about Memphis is find a great property manager who can tell you if the property in which you're interested would be in demand for qualified renters.

Thus tough to find good deals on MLS due to high demand and low inventory (prices have gone retail in this arena).

I think Duplexes and triplexes are not highly desirable, whereas 4+ units are in higher demand. 

If it is great deal, 1/1 should also be ok - but there is much less supply as well as much less demand for 1/1. 

Normally bank average 120- 180 days to send a NOD (notice of default) to the owner demanding those payments or face foreclosure.  

@Rich FerradinoExpanding on this issue, are you finding a shift in the demand due to market conditions?

., is it an up-and-coming area, crime high/low, investors looking to buy in this area b/c not much money needs to be put into rehab but can still demand a decent rent, etc.Thank you in advance for all of your insight!

More than anything you need to know how to determine cash flow or returns, and how to get deals together (network to find deals, how to find tenants, what market demand is, etc).  

If you locked the rate, you should be able to demand the rate until the window they gave you it was locked for.

Demand right now is strong near Disney - I expect to have NOI of $20k-$25k per year so I think your house should have potential for more than $6k per year.