Double-check the ARV by comparing recent comps in the area to make sure the numbers add up.Run your numbers again with all costs (purchase, rehab, holding, and resale) to confirm the margins are solid.

I'll definitely check this out.  

So when you need to go check on things, rent units, meet contractors, etc, you're jumping in the car for 6 hours, spending 1hr there, and I'm thinking after a full days's work. 

Below are some actionable steps I plan to take after identifying a market:- find a rock star agent by referral and/or calling brokerages and asking to connect with their top producing agents- find a rock star contractor by referral and/or yelp- have control over construction by setting per diems to incentivize contractor to finish the project on time, within budget, and with good quality- leverage my rock star agent's time to check up on the construction process (checks and balances)- hire independent handymen/inspectors to check up on the construction process for a flat fee (checks and balances) There's competition everywhere, you won't escape that in any market. 

Did you check with NALTA?

I've seen landlords live in blissful ignorance for 5-10 years due to dumb luck, then their world comes crashing down and they lose everything.I have a book, there are some in the BP bookstore, or you can check out one of my personal favorites, Every Landlord's Legal Guide by NOLO.

If I were you, I'd check out Mike Curadossi's website: https://section8doneright.com/.

The first thing prior to this would be to verify this is a good tenant, check the lease, and confirm with the owner with a payment ledger that they have been paying on time since they have been there. 

He was working full time too, but the excitement (and nerves) of closing on that property had him checking calulations day and night.

I’d recommend confirming the scope of work and checking with the Tennessee Board for Licensing Contractors to determine if a license is needed for your specific project.