Highway hotel on busy 35 highway. 19 hotel rooms plus owners apartment, large laundry room with commercial washer and dryer, large parking lot, front desk, lobby, roadside sign.

@Shayan Sameer,The really brief answer is that most of TN is pretty affordable apart from Nashville, which is an expensive, supply-constrained metro.The median home price in Chattanooga, for example, is about $300,000, which is a little above your $200,000 budget.

I own 32 properties myself and have bought and sold over 300, including a few apartment complexes.

I can tell you that being around new construction the past 12 years, I would say 1/4 of the projects we have been apart from residential to commercial will experience delays to MFGs out of stock, HOAs changing their specs, Cities changing their specs, Weather 2-3Xs budgeted rain delays, Subcontractor injuries and death.....Then Hurricane Harvey in Houston are.....WOAH  major delays...I have seen it.We are happy to be providing funding to DCGI's BTR community members, many have gotten their applications in already and look forward to helping the rest of yall accomplish your real estate goals. 

Plenty of people invest remotely, and as long as you have modest expectations (not chasing the highest possible yield), and are using light leverage, and don't get suckered into buying in a part of town that you wouldn't feel comfortable visiting in broad daylight, plenty of people do this and do... fine.

Full gut renovation, including but not limited to full replumb, full rewire, complete mechanical upgrades, and new apartment finishes from studs.

Quote from @Kelvin Lee: After American Family dropped my multi-family coverage, I’m still struggling to find a carrier for my 1969-built apartment, with only three weeks left before the current policies expires.

Many of the townhouses have basement apartments. 

I tried it in an apartment complex and it was an absolute dumpster fire and lost a lot of money.

Appreciate you guys in advance and it's an honor to be a part of this thing.