Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

well if I ever make it to the Smokies to see what the draw is  I will rent a condo then :)  I am just guess but I suspect folks that go there want to be in the woods and hear the birds and maybe some local mtn views etc.. or some sort of privacy they never get at home out east were there is not very much public lands close to where they live in the big city. ????

If we price it for what the comps show, then they are typically coming out of pocket every month. 

I had a distinct advantage over my competition who had to do their own courthouse searchs.

I invest mostly in the southeast and upper midwest.

But he was smart enough to only take over properties with equity so he was able to refi out of them before the underlying lienholders could foreclose.  

I have over a decade of experience in strategy consulting and in real estate underwriting for new acquisitions and ground up developments.

I'd check local STR FB groups and see if you have a local Real Estate Club.You can offer your services there, maybe for free in exchange for the experience.

For small MFH/SFH you have to find the deal, inspect, estimates and decide what to do, make a deal, get financing, get contractors, manage contractors, pay contractors, then turn it over to a property manager.

I would also purchase the property and not the LLC unless you are a seasoned investor with a good attorney.