R&D is like split testing, trial and error is "I'll be damned to spend the time investing in knowledge so let's just hope we survive the guessing". 

The property passed final testing by the county health department.Is this anything I should be concerned about?

Financing-  build a relationship with a regional banker, don’t shop for interest rates, start small and build history and loyalty they are your team, Cross collateralize, deposit CD/MM or custodial account with bank for loan, give them monthly updates, nail your deal analysis, do stress tests on your deal analysis-cost/interest rate/deal length/ sale price etc. 12.  

*the site currently needs to pass certain soil tests to make sure it is clear to develop, so this is a higher risk area for investment since it is not certain if the tests will come back positive till around the beginning of 2025.

I think its worth a test, but like Jerryl said, you need to post multiple times a week for many months before you would know if its going to work a lot.

I am in the process of studying for my licensing exam in the state of Tennessee and plan to work in the Chattanooga area upon completion of the test (which will be quite soon).

I've not underwriting tested the Freddie guideline I quoted, but am eagar to for the right buyer who sold subject to. 

Awesome to hear you have a specific date picked out to take the test! 

I was drawn to this investment mainly to test out the new padsplit model.

However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.