Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

>I'd look to invest in small multi-family 2-4 units with a larger down payment ~50% or more (only way to produce positive cash flow here at the moment) I never understood why one would want to buy cash flow.  

Positive cash flow and low interest, i assume, long term loan is an enviable position that with time will produce larger cash flow.  

As a result, I am hesitant of using my cash to buy and renovate a property if I can't BRRRR my way out the deal.

Hi Shilo, if you haven't would recommend doing research on recently sold properties to determine the ARV of a renovated property in those areas. 

Do I need to sell a property at some point so I can just have the cash to put 20% down and renovate so that I’m not having to take out an equity loan?

Its a nice little cheat/loophole on the mortgage side that can help afford a larger home pice and increase your chances of getting a home or other loans.If you have any questions feel free to reach out I am always happy to help and go over the basics.

Sell the home to whoever your target tenant will be - modern, sleek, urban, renovated, bright/spacious; then sell the location - not whether they have a bank account or need a 7/11 - just that it is located to 'dining, entertainment, shopping, more.' 

There's lots of properties for sale in the Smoky mountains so you may also have a larger selection of options to purchase as well.

However, that same market segment usually isn't interested in larger houses, such as a 5 bedroom.