READ THE HOA Documents... chances are some of the rules are NOT enforceable and if they are not consistently applied, you could challenge.  

Specially since I did not get a chance to do background checks, etc, on them.

Chances are the cost to review it would be higher than the cost to prepare it.

There is no chance Memphis becomes glutted with renters and owners fighting for residents.Now, that may happen in some pockets of the city and I would argue the greater chance of that happening will occur in the most distressed areas of the city where poverty is already going to make investing difficult for out of state investors.  

I would be interested to run the numbers if you get a chance.

Any chance a bank would give someone who has a decent amount of cash parked with them and someone who they have a long time relationship with a loan without proof of income?

Chances are most students can't prove 3x monthly rent in income, have needed FICO, etc.  

But keep in mind they take the highest qualifying offer on a daily basis, so if they'll accept $55,000, you offer $55,000, and on the same day someone else offers $55,001, they get it and you never get a chance to increase your bid.

Being that it is a rental they will want to see the tents are in a lease & paying to take the chance on the refi.

OK thanks- would I have a better chance of asking for 1 ten acre parcel and one 5?