By the theme of your question, I'll assume that you are looking for relatively low priced homes that you can get into preferably as a cash deal, do a minimum to the properties and achieve a decent ROI in a fairly short period of time.
In Memphis primarily, and to a lesser extent in outlying areas of Shelby county and the surrounding areas, there are many, many properties available. It depends on what types of properties you're thinking of, your ability to fund the deals, and whom you think your target audience might be when it is time to move your inventory.
If you would like more information, or perhaps a starter list of properties in various areas, feel free to contact me and I'll do my best to assist you in your efforts. As a licensed Realtor, just like any other in our area, I have instant access to any property listed for sale by any company, any where in W. Tennessee. Any Realtor would probably be more than willing to help you accomplish your goals.
Michael Bellaire, Broker, ABR