Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

And what if the one person you didn't check has a criminal background, has collections, and more?

Not talking about you personally.

Dumb question - but are these auctions online only, or in-person? 

May be worth it to check with a cost segregation company (depreciation) and start scouting property management companies.Someone smarter than me could probably tell you about taking a HELOC out to fund the next investment property in TN.

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

I personally will try to avoid buying a home under 1000 square feet again.

I personally started in my local real estate market in Columbus Ohio.

But most of these bridge loans have future funding components where the lender will fund renovation work as the work is completed and add that to the loan balance. 

This could give you the cash you need for the purchase and also eliminate your personal guarantee for the loans.