This isn't the best time to be focused on out-of-state BRRRR as the metrics are going to be hard to evaluate and make work, especially form afar without local knowledge.

You said you live in the house, so if it is for personal use only, that might play into the decision, and/or if you have a lot of room in the deal financially and have enough to pay for the higher priced, possibly better GC, that might be part of the decision also.In my experience, higher price doesn't always mean "better," but may mean more attentive and experienced and more and/or better resources (like better sub's, etc). 

I can only conclude that someone with a lot of cash was getting anxious to deploy their money quickly and was willing to pay well above what the broker (and many buyers) thought it would sell for.Perhaps it is not such a bad time to sell!

We use a YTD paystub and last year’s W-2(s) to calculate income several different ways:Hourly or salary income calculated to a monthly amountYTD income divided by number of YTD monthsYTD + W-2(s) income divided by the corresponding number of monthsIf these numbers vary too much, then we investigate and require an acceptable Letter of Explanation.Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment to make sure they’ll always be able to pay the rent on time.

I have decided to focus on Memphis, TN (specifically 38111 zip code where the University is located). 

Starting with the question of whether you can subdivide the parcel without paying off your current mortgage, the  question is what is the home on the smaller parcel worth, rather than focusing on the current ARV of $325,000.00.

It's been about 20 years since I have gotten a mortgage since I usually pay cash.

We use QB for bookkeeping and accounting, and Relay Financial as our bank so we can automatically sort out a % for taxes and we pay those monthly/quarterly depending on what the township requires.

Pay off the 700k bridge loan and you collect 125k of your 150k back so you'd leave 25k in.

So she will not have to pay any rent and just utilities for the year.