@Lavanta DavisGreat way to get started:-Listen to BP Podcast #40-read the Ultimate Beginners Guide on the website Also use Mint or Acorns to help review your monthly spending and cut some costs and get on the path of saving a couple hundred / month toward your first Rental.

Should I use my line of credit to buy my first rental property. Or should I use an outside investors money.I have $100,000 line of credit

You would save yourself a few hundred dollars each month from paying for the mortgage.

It may cost you a few hundred dollars but that cost can be earned on your first deal if it helps you buy a brrrr winner.Other than that, in answer to your question, I don't think Memphis is any different than most cities when it comes to valuations.  

A few hundred dollars of attorneys’ fees could net many thousands.

Go to the MHU website and you'll have hundreds of articles to read for free, as well as a ton of audio (around 500+ hours).

Brandon Turner was interviewing an investor who specialized in renewing these hundred plus your homes with great success.

Am I supposed to have a number already figured out for every one of the hundreds of sellers I'm cold calling?

I completely understand that it's hard to put every single detail in an offering document as it can end up being several hundred pages, but I have seen some sponsors who provide those types of extensive and comprehensive details (and in my experience they are very good sponsors as they have thought everything through for the investor up front). 

To this point you made, you say sending out hundreds of thousands of letters to acquire 300 deals are HORRIBLE numbers, let's look at the HORRIBLE numbers.