Might want to get with a commercial real estate broker who focuses on the 10,20 unit type apartments.The big players do not mess with that stuff.

Definitely speak to an attorney and CPA to ensure you are operating most efficient from both a legal and tax perspective.

I wouldn't suggest a HML to start since you'll be held to tight deadlines and progress and that may be hard to ensure 100% with this being your first endeavor.Never underestimate the power of networking and hearing things straight from folks who have been in your shoes - best of luck as you continue to pursue these resources!

     - Ensure tenants know how to report water pressure issues.5.

We are still searching for the right tenants, but until we do find someone, I'd like to ensure that I install a camera around the driveway area to ensure that no one is trespassing the property....and even more importantly, to protect it from squatters breaking in.

This is especially true when there are a number of players involved. 

Memphis's downtown area is being redeveloped by several big out-of-state developers, and that shows that major players have decided that Memphis is a market worth pouring money into.

Even before getting to that thought I can say without a doubt that it is more risky than buying at home because presumably you've got the following working against you.Lower than average market knowledge.Lower than average number of contacts.Lower than average ability to do things yourself if need be.Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.

I had a tenant once say he's a professional poker player, plays poker on the internet and gets paid from an offshore account, but he said he doesn't include much of that income when he files his taxes, he wanted me to trust him he could make the rent...I now request the annual 1099 (equivalent to W-2), certified copy of IRS-1040, and letter from accountant (preferably CPA) which should state nature of business and income holdings, annual income expected for current year, amount of annual personal income applicant takes from business, and bank references, credit report, etc.

In real estate, operations involves the details of ensuring that your properties are put to their highest and best use, and remain there, generating as much long-term cash-flow/appreciation as possible.