Banks routinely pay $3-5k on cash for keys offers.  

I think that @Curt Davis would be a lot better than I in giving you insight on where and when to buy in Memphis.Again, I am strictly giving you my opinion on two places that I think are great ROI for Turnkey Buyers.

In addition to the owner-occupant requirement, FHA is fairly strict regarding condition of the home, like must have working oven, flooring issues, age of roof, no moisture problems on door frames, window sills, etc.  

There are strict laws.

If it wont cash flow when I move out and use it strictly as an investment property then I want nothing to do with it, regardless of what it may save me while I'm there.

@Elizabeth ColegroveYeah the mistake we made when doing our corporate gypsy routine, was buying bigger and better houses.  

For the sake of discussion, assume that anti-fraud flipping guidelines are being adhered to religiously and the home being purchased is very low in cost, needing much renovation work, paid for in cash and not in a neighborhood with strict HOA guidelines.Thanks in advance.

Think of the good cop bad cop routine we all see on TV and the movies.

For the financing part, remember money market was tight, and they are more strict, that's what I found out early on.  

Mortgage brokers and actually many banks don't have the option to specifically follow Fannie Mae or Freddie Mac guidelines - in my experience, sometimes making the guidelines more strict.