The problem with selling is a lot of that equity will be lost when you sell it either through taxes or payments to your listing agent.If you ever have the ability to limit these types of fees and still be able to use your equity to fund additional purchases I think you should.

I alsodidn't see any mention of HOA fees/dues and or rules.

Factor in carrying costs (utilities, taxes, insurance).2.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

. - 30 year fixed terms - Usually have a Prepayment Penalty from 1-5 years, although you can price out a 0 PPP for a higher rate or fee- Minimum Credit score is 650 usually, although you could do a lower LTV loan at 620. 

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.

It gives the Tenant 5 days to pay the rent and late fees, or Vacate the premises.

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI. 

An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

According to your numbers, I would say to keep it as a STR but as a few others have said, look at different vacancy rates as well management fees.