Hey Ben-I’m an investor in the Memphis market. just looking at this quickly-I’d say $290K quickly becomes $300K not up even include the time to get people to do the work-TK providers in Memphis have had to push projects back.So, if it’s about $50K per unit (assume taxes are about $500 per unit per year)-if you rent for $700 minus $500-$180-$60 you aren’t meeting the 1% rule.  

We aren't in Rhode Island, or even South Carolina.You will actually get more business, and better business, by building relationships with LOs in other states.

However, just remember that their rates and terms aren't nearly as good as a conforming loan --- there is no "free lunch."

And, after you are in, after you've financed that fee, they will almost always have the lowest rates of any loan type out there, so in all probability you'd be refinancing into a higher interest rate if you went conventional instead of VA.After that though, once 20% down is a realistic option on the table, VA loans aren't necessarily magic any more.For example, you could do a VA cash out refi for the 20% down... but that refi would involve the funding fee again. 

The tenants aren't stupid.

The big thing with insurance rates right now is the replacements costs generally aren't enough. 

You don't get your time back, and you aren't necessarily looking for how you could get the equivalent education and relationship development from home.

Commutes to uptown aren't too bad because you have several options.

While deals can be hard to come by in the Westin area, they aren’t impossible.

You aren't working for the same long term purpose.