So a few weeks went by and I asked him if he didnt mind if I bought it.

It's so hard to say generally what problems might come up, but the first that comes to my mind is work history - do you have 6 months on the job and a 2 year work/school history? 

Connect with like-minded investors, check out potential opportunities, and start familiarizing yourself with the community.

That's a real bait and switch scummy thing to do, but I guess I shouldn't be surprised these days. keep in mind this is not usually bait and switch it could be and they are not being scummy.they simply are at the whims of thier senior credit facilities wants and needs..

Keep in mind this will be at a much higher rate than your current 3.2% interest rate, so I'm not sure if paying off the existing loan is a great choice.

Always keep in mind the alternative, the bank has no duty to sell for less than what the open market will bare for the asset.

Specifically:Share your experiences investing in Knoxville.Recommend resources or tools for market analysis.Help me find off-market properties, turnkey rentals, or connect with wholesalers.I’m eager to learn from this community and collaborate with like-minded individuals familiar with the Knoxville market.

Possibly as an incentive you cover anything over a certain amount to give peace of mind to the renters.

Mind your own business - the house - send these people packing and give it to your insurance company.  

Keep in mind that many of these cheap homes are selling for less than a third of their insurance replacement value, which really means that the land has negative value - let that sink in.Most buyers who can actually qualify for a mortgage will get a PA for $200-300k and desperately want to upgrade their life.