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.

—and prioritize applicants who meet the criteria but also have a solid, reliable rental history.

Depending on why you are evicting the tenant, Illinois has 3 different notice periods: Five Day Notice of Eviction The Five Day notice is only used for non-payment of rent.

In this manual (which I assume could be modified to provide to tenants) I include all the financing information (which you would not include for tenants) bank accounts, mortgage accounts, payment information, and mortgage payoff), a list of the contractors, what each contractor does, a list of upcoming planned or necessary repairs, and a copy of all leases associated with the property.

And yes, any decent PM company should have relationships with reliable eviction attorneys.

Trust invests the cash to make the payments on the installment sale to the seller.

Are you using a 20-35% down payment when evaluating point 3? 

This means the loan value will equal the property value and your mortgage payment will be high.

you're going to be INvesting for the first few years... rental income from the property isn't going to start paying back what you spend in closing costs, rent ready costs, stabilization costs, down payment, etc. for several years at a minimum.hope this helps - not trying to be negative, just realistic. 

Leverage is a big factor in real estate investing, as investors can control large assets with relatively small down payments, increasing their potential returns (and risks).6.