But it’s something I tailor the business plan to just in case.So your investor could get caught in having their loan called with not a lot of notice if things change.

My plan right now is reading up and down this forum and learning as much as I can.

.* logistics of maintaining out-of-state property and tenants* having time to research enough about this while moving across the country to be confident in your decisions and planning* having time to research other opportunities, what could be done with the money if you soldReason I bring up the emotional stuff because yeah property is a hassle, but there may be another vision that lets you get everything or most of what you want, with a little bit less hassle, or hassle in a way that bothers you less.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

Instead, focus on learning their plans, challenges, and openness to selling.5.

It's in a rural town so I'm also worried that demand might not be as high as in more densely populated areas.I'm planning to call local banks this week to understand financing options and contact some contractors who might be interested in building additional units. 

She informed me that she & her sisters plan to take care of the rent so he still has the home when he gets out of the hospital. 

I can see how Gatlinburg/Sevierville/Pigeon Forge has an oversupply (even though SMNP receives the most annual visitors per year of any national park and double that of the #2 NP)… though, from what we’ve watched in the last year and gathered from our realtor in Knox, both Knoxville and Chattanooga homes are still going for over asking price which would indicate an under supply, no? 

That is the plan. 

Licenses are typically required if you plan to work in a professional real estate role, like as an agent or broker.