Usually, the juice isn't worth the squeeze for the smaller subdivisions unless you build it out.That’s so true about entitlement typically a long process no matter the size.

I would buy an investment property with more money down for you, let them live there and manage it, and add their "rent" to an ownership stake over time.

I have a property in Memphis, TN that is zoned as mixed-use (RW).

Would it be better to purchase this for the appreciation to be able to refinance in two years to pull the equity and move into the next property and have this for tenants to pay off? 

I got a generic property ownership form from the city that wants info on rents, DBA ?

If not, how is it an advantage to buy with low rents if the property is being valued based on comps? 

I have several properties from 1-10 units and am looking to expand.

As an out-of-state investor I'm looking for a qualified and reliable property manager.

I have spent the past several years studying market trends, analyzing potential investment properties, and building a network of industry experts.I'm specifically looking for a fellow investor located in the New York area who is interested in collaborating on initial buy and flip projects.

You'll still leave a lot less than the 20% down payment needed for a regular investment property, but you should expect to leave some capital in the deal.