Proximity to Nashville is key—properties within 5-15 minutes of the city tend to attract more guests, but a nicer home 20-30 minutes away could provide more value in the long run.Make sure to research short-term rental rates in both areas to determine which offers the best return.

Also, there is a need in the marketplace for a co-living PM company that doesn't charge too high of rate. 

When it comes to getting loans, which is pretty important for real estate investors, simple "mistakes" can make it so that you either don't qualify or you may qualify but with a higher interest rate or higher loan fees. 

*Also note that Aldermanic support is not required for a zoning change approval by ZBA.

also we do not know what is going to happen with int rates, they are very high now, the economy is not good and it is not certain they will be coming down this year. we know there will be more responsible gov spending, so maybe rates will come down, no way to know...I think you need to know the market where you plan to buy well, and go from thereBest of luck

Congrats on your success so far.Some random thoughts for you:- It might be difficult to tap the equity in the rental at this time given the current state of interest rates. 

Negligible changes called "diminimus" are the easiest, but they are along the lines of 1 foot out of a 50 foot setback.

With 56% appreciation rates in less than 10 years, even the stock market can't beat North Carolina!

The amount of capital required from your savings to purchase multiple properties depends on the appreciation rates.

I've done and been a part of many Chicago zoning changes...they take a very long time and a lot of upfront money...unless you are planning to add multiple units and do a full renovation, the ROI is probably not there.