Hey All,I'll be visiting Memphis, TN for the first time next week, for the purpose of conducting further due diligence on my first investment rental property that I have in escrow at the moment.I'll be riding around with the seller of the property, who has agreed to take me on a tour of different sub-markets within the greater Memphis area (for future investments), as well as a tour of the property itself.I would like to make the most out of this trip, so I'd like to ask if anyone has any recommendations on how to make the most of this trip, i.e. questions to ask, markets to visit, people to meet, checklist at my subject property, and overall what I should be doing on this trip.

Everyone has different  views on the subject. 

Give you the wherewithal to pursue and achieve your long-term goalsMany investors start off "too hot", and they either overdevelop their first property or they spend their money too fast - either of these behavior will stop you dead in your tracks, and you probably won't even be able to achieve your short-term goals - and you certainly won't have the resources to pursue your long-term goals.

I found my first house on a listserv I was on and bought it subject-to.

What is it about the building behind the subject property that makes it rent for $1,000 per unit?

I think it all depends on your market, value of property, etc...In a hot sellers market, the agents job will be a cakewalk and no bonus is needed.

I reinstated a loan, which was in default and senior to the HOA lien, and contacted the bank to take the loan subject to.

Got it.As far as to whether the LLC really will or will not protect you (and your land) from liability claims, there are many, many threads on the forum on that subject. 

@Rob KrachYou are clearly acting as an agent and creating an illegal lease mandating tenant to do repairs.You can't find tenants for people because it's a "friend"my advice to you is to get a license in the state of Illinois, and then list properties for lease option and get a fee for finding a tenant buyerOr find a way to get on title as a principal without the license, such as subject to existing financing or land contract.As @Curt Smith said Google "YouTube Jeff Watson illegal Wholesaling"The business of Real Estate Investing takes not just reading on boards but getting a good contract attorney and understanding local laws of agency @Bill Gulley

Give you the wherewithal to pursue and achieve your long-term goalsMany investors start off "too hot", and they either overdevelop their first property or they spend their money too fast - either of these behavior will stop you dead in your tracks, and you probably won't even be able to achieve your short-term goals - and you certainly won't have the resources to pursue your long-term goals.