Doesn't mean it is worth it.

I mean literally hundreds on the walls when I looked inside.  

I mean LARGE, like some were 4' x 8', spots were 1/4" diameter!

The loan itself would be considered a "Jumbo" loan (meaning over $424k) which means Fannie Mae and Freddie Mac (conventional lenders) won't lend that high...so you cannot gain access to their renovation loan.  

In the mean time, we wanted to keep progressing on our real estate goals so we decided to try wholesaling.

The interest rate is the 30 day Libor + 2.5%, so that means my current interest rate is 3.75%, and I don't have to put anything down.

Dave Anstatt I agree with Aaron McGinnis , no money means no share.

I can't tell from your post, but if you are just speaking of multifamily meaning a duplex or triplex to house hack to pay your mortgage, then I would focus on where you can get a good professional job first, then look in that market for a place where the numbers work to house hack.If you are looking at larger multifamily in Memphis, then try to talk to @Erik Nowacki who moved from CA to Memphis to own and manage multifamily.

The days of buying at $.30 to $.70 on the dollar are gone with the exception of a few deals and I mean a few. 

You are missing the proof that you have the means to close on the property.