@Alina Trigub in your experience, would you need a securities attorney specifically if you were the General Partner managing you Limited Partners money? 

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. 

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%).

Any and all constructive criticism, opinions, advice etc is much appreciated as this is time sensitive!

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.

There are limits on gifts each year, so you don't want to get hit with a big tax bill for doing it the wrong way.

But now the cap rates and ROI are so low on both single family and small multiunits (as well as apartment complexes) that there is really no point in sinking your limited capital into a property that is going to cost you money each month.All that said, you could look to Olympia (prices much lower) and even out to Aberdeen/Hoquiam area where cash flow is solid (even though the market has gotten wildly hot out there, too in the past 4 years).