This makes for a complicated system.  

However, the BRRRR strategy (buy, rehab, rent, refinance, repeat) makes sense for a lot of investors, as value can be created through forced appreciation (renovations) and capital recycled through cash-out refinances.

I conceptually understand the process however it seems like a lot of legwork.

Make sure you get it in writing this time :) 

Any opinions on things that would make you want to get out of the contract?

The city's diverse population and economic stability, thanks to major industries like logistics and healthcare, also play a big role.Memphis offers attractive rental yields and a vibrant cultural scene, making it a great place for both renters and investors.

When you list it for rent you can make a decision if you get who you think would be a good tenant either way.

That will give you a good idea of what you can make in a specific area.

Time to be responsible for your life and make your own decisions.Doing a local BRRRR is challenging.  

I hope to make a bit more on deals, but not loosing money with a huge learning curve is a positive.