I was basically able to just tell them everything I wanted and it seemed to go pretty smoothly.

can anyone recommend a good real estate attorney to Handel a closing and basic landlord/Tennant law advice in or near  Statesville NC?

Basically, your PITI should be no more than 36-45% of your gross monthly income (not the income from one of these units).  

My parents were basically the kings of doing this while I was growing up; they would move every 3 years to take advantage.I like the idea of only holding for 2-3 years and then being able to sell tax free.

 Basically I'm wanting to buy a house for 100k (agreed upon by seller) but found out the seller had just purchased the house a month ago for 112.5k.  

It gives you good information and the basics of RE.

They were talking about concepts that sounded like they were part of a physics equation.

I could buy 8 of them Memphis properties but when I run the numbers I'm still basically just being handed back my own money in monthly installments over years. 

The agent sent me basic information, without much of a breakdown about those important expenses.

If they want, they can basically pay the first month's rent & security deposit, move in, then say, "Yeah, we're never giving you a dime again.