As a wholesaler myself I can provide some feedback.

I  have a detailed reply above that explains it and provides the code citation to read as well

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

> Many, basically get taken advantage of by those in the industry that have an incentive to keep newbies blind to new realties, just to keep their good times rolling.If someone poses an inquiry on this forum, I provide my honest opinion (which it typically that the investment is unlikely to provide a return that justifies the effort & risk).  

I've narrowed down the best return for my money in this market to a 2 bed/2 bath (with top tier amenities) - about 500 total 2/2 listings.I'm finding myself a bit stuck when analyzing why certain properties are making so much higher than the average listings when they seem to have very similar locations, amenities, style, flow of home, beds/# of people they sleep, reviews, number of reviews, etc.

If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

Nothing is being added in its place, they just want "less units" which provides more open space.

It's a 3 bedroom 2 bath north west (10 min drive) of Franklin on top of one of the mountains.

Starting local offers hands-on experience and control, ideal for learning the ropes, while out-of-state investments can provide better returns but require a reliable property manager.

Their pro formas felt optimistic with providing 6% annual appreciation and property management that is only about 6% of rent so I take it with a grain of salt (they offer their own property management services but it has terrible reviews on Yelp so I would probably go with someone else).