In 2011 my wife walked into small 1950s cape style house that reeked from 60 years of cigarette smoke and fell in love with the property.

Elliott was asking about how to write better business plans.  

@Fred Heller Do you have a recommendation for a reputable insurance company that'll write policy for a rental property in the Richmond, TX area?

Some contractors weren't great about writing detailed invoices so in some cases all I have is a large check written to 'roof guy'.So.... question: is there alot of scrutiny from the IRS as to how you determine the basis?

Consider your long term strategy/goals (write one out if you don't have one).  

These, as you may know are two different neighborhoods, with different housing styles and different prices - but both of them have the potential to cash flow equally.  

Thanks for the detailed write up! 

Definitely not writing off Memphis and always up for some convincing.

Sit down at your computer and write your rental criteria down.

I am writing to you randomly and ready focus with my full potential!