The whole area of Knoxville has seen tremendous change.

The most important factors a hard money lender will look at, if you don't have experience, is your liquidity and credit score & history (as well as your background -- no liens, judgements, foreclosures, bankruptcies, etc).I would hit up @Michael Cid -- he's a tremendous resource and is a direct lender. 

As you can see from the images, the holding costs can add up tremendously.

It's a tremendous benefit to you to have a customized lease by a legal expert.

In fact, it's tremendously difficult.

Like others have mentioned, you should hopefully have encountered some appreciation if you got a good deal on it, which will help tremendously. 

Ultimately, I want to add value to BP since it helped me tremendously with my personal real estate investing even before I was licensed.

Income fluctuates tremendously in most 1099 real estate occupations (being a Realtor included) so having that put away will be vital to your comfort and peace of mind as you get started.(1) figure out how your minimum monthly income needs (this may change as you move to a different city and get out of college life, so estimates are fine for now)(2) cut out everything extra until you've put away 6 months reserves(3) live way below your means so you have extra money to save and investGood luck and congratulations!

I can tell you that this is a very technical area and laws will vary tremendously from area to area.

But, unless you’ve got a unique situation or tremendous wealth, like enough to trigger an inheritance tax, it MAY fit your needs at a very reasonable cost.