I am not trying to obnoxious with this, so please know that my "voice inflection" is seriously asking this, but how in the world would a home pass a 4-point with the lower-half of drywall removed? 

The properties that perform the best in the Smokies generally have an amenity that cannot be purchased at Lowes:  A quarter mile from Dollywood, an amazing view, or waterfront.  

For example, Decatur and Hartselle, which are located about 25 and 35 miles southwest of Huntsville, respectively, both have plenty of properties below the $250,000 mark.

I don't think it is worth trying to sell half done as you will have a limited pool of buyers.

Congrats on the new job.Some things to keep in mind is to have systems in place : maintenance,bookkeeping,management, filling vacancies etc.Know your SWOT  (Strengths, Weaknesses, Opportunities, and Threats)The city requires a property manager if the owner lives more than 20 miles from the property.

I would likely be looking at something 50-100 miles out to take advantage of 10% down for an STR.

Purchase price: $500,000 100% seller financed 25-Pad RV Park, only 5 miles from the beach!

The tenant pool, however, is about 5 miles wide and 1 inch deep. 

He has about half the cash needed and I would be loaning the other half through an LLC that I have with my brother.

Definitely steering clear of it now. one of the sad parts of all this.. is its NOT to good to be true.. these types of deals are out there in the turn key world every day with quality providers.. this guy simply was not ready and all he had was a very savvy way to market himself in the new world but his advice and theories were not correct.. he simply is not an experienced real estate investor.. he just regurgitates half truths and other things that are patently false  like saying the low end D class is easier to manage than A class..