My wife and I love it down there with the shopping, restaurants, equestrian interest, the vineyard, and socials.  

Also I would conduct a inspection of the premises, bring along a 3rd party so no bs gets made up, and document the current condition of the unit with photos or videos.

What are the conditions?

Of course I would do all my due diligence on any decisions made and would like to know if there's anything materially wrong with what I'm suggesting below.I am interested in buying a property that needs to be fixed up but is in good enough condition to rent.

:)Thanks Helen,Leave it with me for now as I don't have set dates.If you guys add me on Facebook - Engelo Rumora, we can better stay in contact and I'll most likely be posting when I will be actually the trip home :)ThanksFollow me on social media - https://www.facebook.com/TheRealEstateDingo/ or even add me on Facebook - https://www.facebook.com/engelorumora

In 99% of the situations, the buyer has already viewed the property and accepted its condition before submitting an offer- they don't feel the need to run an inspector through for a 99 point checklist. 

It could also allow you to finance the property more easily, as you won't be dealing with the pre-repair value and condition issues that may make it more difficult to get financing.

What condition are the vacant units in?

So weighing the tax breaks of longer holds against the risks and opportunity costs, I believe Bruce's strategy makes less sense for me personally in my situation and my market, but works very well for him.This is what I love about RE, it is so nuanced and location specific that a guy like Bruce can do it 1 way, and be completely right for his situation and market, and another guy like me can do the opposite and also be right (I believe) for my situation and market ... different markets, different conditions, different strategies ... this may be confusing to newbies, but I think the value for others is not in the strategy to copy, but in understanding the thought process and rationale behind it ... then they can apply a similar thought process to their market and situation to custom fit a strategy for themselves.

DON'T make these types a partner for yourself, lest you subject yourself and your finances to great and terrible risk.5) Tax implications - understand the formation of the LLC in Tennessee(you said you are looking at Memphis), how business 'flow through' income works for partnerships in corporations, and also learn which types of income are subject to social security tax vs.