Just shop around online, look for properties similar to yours, add them to favorites and watch them to see how long it takes for them to rent.

That ensures you don't spend it on other things and know exactly how much you have to spend on the next purchase.

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.

If you have cash on hand to fund the rehab and want to extract it soon after the project is done, you can use delayed financing.

Pop into the forum just on flipping and you will get a ton of value just from reading.

For the most part vs focusing on a specific neighborhood or two I would say keep you options open to all. 

That would be called the BRRRR strategy - there is endless info on that strategy here and on the podcasts and in the BP bookstore.

First recognize that 2 to 4 units are valued on comps and not cap rate.  

Then they receive the money and you still keep your money and earn money on it.

Since the last time I was online, I have grown the investing to fix and flipping and a portfolio of 4 properties that are producing passive income.