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.

(Three days of HE** ensured, but now I'm blissfully free.)Also, no one admitting to turning on any "you are the greatest!"

The REO Notes and NOTE world altogether, the serious players get so many newbies, that they lay low and keep it an "ole boys club".Took me years to finally make REAL contacts in notes.

This is how the big players are generating their deals.

In fact, I ensured all of my insurance coverages are calculated by RC.My question ties back to the land valuation from the County website.

That being said, the big players and the newbies overpaying can't buy them all.

In any case, I'd still be pulling a bit of drywall to ensure there isn't a bigger issue, or that it hasn't spread through the drywall.