From what I understand, Memphis has very great areas and very bad areas.It's good practice for an out of state investor to build a local team or partner with a seasoned investor in the area.

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

You're in a great field where your ability to be successful and make a great living is limited only by your own desire to continue to push through obstacles and build upon your previous success.There is about 1 agent for every 200 people in the L.A. area.

I have him a $20.00 deposit with the contract that allowed me to market the property.The mortgage was roughly $27,000 and the ARV was close to $60,000.I found a buyer for $35,000 and I just assigned the contract for the difference.I hope to never have to do this again without the ability to close myself.

@Jaelyn Whisler to come up with rehab estimates, it just takes practice really.

Of course, it is an ongoing expense, so if you don't plan on practicing actively then it may be more beneficial to have a Realtor friend to connect with who can set you up with a few searches.

Hi all,I'm new to real estate investing and am practicing doing some deal analysis.

If you're going to self-manage, the drive-ability factor is even more important. 

. ^^)Simple practices such as visualization and meditation became a regular part of daily routines.Anyways, overcoming my fears and embracing a new mindset was key in helping me to begin networking with others here on BiggerPockets which has lead directly or indirectly to all of my real estate successes!

And yes you can use the proceeds for anything you want not just real estate (although there may be some impact on your ability to deduct the interest depending on what you buy).Is this a great country or what!!!