hope that makes sense Little background as to why I ask, I’m 22 planning to obtain a finance degree want study and learn financial literacy. once I’m out I want to work somewhere that helps me in becoming a good real estate investor ideally a place that helps me be good at analyzing a deals and making sure the numbers are good.

Step 1 is talk to a lender to determine you limitations (like loan amount, credit, etc) and step 2 is to talk to a broker familiar with this strategy. 

@Joann LimIt really depends on your business plan for the property.

That decision has limited my ability to do a cash-out mortgage.

By the way, I'm not limited to Memphis but, as I said, I thought MI were the best.I'll keep looking but it does seem that you pay the most for the best. 

Then I would have to get a job and sacrifice some of my study time (I'm wanting to go into dental school) so should I just make sure that it cash flows once I move out and buy another house that hopefully cash flows more the next year?

Lately, he's been saying he wants to make more money and get into the investment game but he has limited capital (he has access to a HELOC for $60K at 6%).

I appreciate you respecting my time as well.When you are doing your due diligence on an investment property, you should ALWAYS limit your own exposure to unnecessary costs and liability. 

There is a perception that cap rate determines value so we need to study and watch cap rate.

With a Tenants (aka Renters) policy, they would pay the deductible ($100, $250, $500, ... depends on what they select) and then the Insurance company pays the cost to replace the items up to the policy limit.2.