I’m especially interested in residential rentals, STR's, or multifamily properties, but I’m open to exploring other areas as well.I’m here to connect with like-minded individuals, gain insights from experienced investors, and contribute however I can to this community.

Both @Nathan Gesner and @Lauren Stark have provided valuable insights on this.One potential path for you is to join an established team to gain experience.

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

If you have lived in it for 2 yrs I would suggest renting it for 2 - 3 years and then selling it to avoid capital gains taxes. 

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

If I end up foreclosing the property, I will gain $200K equity (in my example, the amount will vary with each TD).

Everytime you sell you will be taking part of the gain tax free. 

Also Chip and Joann Gaines and put this town on the map with their show on TV.

There is realized gains & profits, and UN-realized gains and profits.

If the property fronts on a state road, you will need an Highway Occupancy Permit from Pennsylvania department of Transportation, to gain accces to the road.