I can see good opportunity in Oakland (looking specifically at opps in West Oakland and Maxwell Park) but am worried about rent control.

They said they had over 200 local vacancies in Memphis and had immediate income opportunities. 

That could be a great way to find and stay engaged with local investors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors and agents in Chicago and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your journey!

A buyers market means that there is more supply and demand so buyers can get the best deals at this time.Sellers market means that its the perfect opportunity for sellers to sell their home.

I am willing to learn how to invest in out of state opportunities also. 

@Giovanni Luna personally I don't have experience with development.My firm belief though, if you have experience and a solid track record, finding money for projects is not the challenge, rather locating great opportunities for your investors.Your investors and lender will want to know about your experience and track record.

Will he/she turn down a lot of showing opportunities?

That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors or brokers in Huntsville and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersAnything you can do to build your network in the region will help you find the realtor, and eventually the property, that suits your needs. 

A Cautionary Tale for Newbies and Not-So-NewbiesThis post is intended to share some observations gained from more than a decade as a real estate investor, and to offer some words of caution for those of you who are new to the game and those of you who have been around for a while.

I also spoke with a zoning associate from the San Antonio development services department who confirmed the property was currently R-5 and intended to be used for a single family residence.