If not, it's your choice but I would recommend looking into it.

@Daniel GrantzRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

Quote from @Collin Hays: I suspect that the Smokies is your best choice, simply because it is a year-round destination. 

If the community is well-managed and there’s good rental demand, a condo could be a solid choice.

Even in those cases it is hard to create gap between purchase price, rehab and ARV.Investing in todays market is overall very challenging and I am finding that the BRRRR startegy is one of the worst strategies in todays market.Lets keep in mind that BRRRR became highly popular before 2020.

If not, ride out the 12 months with the hard money lender.People have to make good choices and not over extend themselves just for the sake of buying something they really can't afford or that doesn't make good cash flow.

the only thing with that is protecting future landlords.. but then again thats a personal choice..  

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

Small investor, looking to purchase one to two single family homes per year over the next 7-10 years?