Our thought process, is that we should purchase a property in the villages or very close by as this is a very good middle ground for the said areas above.

If you go in swinging for the fences, don't be surprised if you strike out. 

You have a ton of say about what goes on in the property that allows you to keep a close eye on the home and those in it.

New roof, siding, soffit, fascia, flooring upstair, repair fencing, yard work/landscaping, new flooring upstairs, new vanities, kitchen remodel, new paint job What was the outcome?

@Guenevere F. you're going to need 20-25% down to get a mortgage.If you target $100k, that won't leave you any funds for closing cost, maintenance or emergency reserves.You could try targeting around $80k, but the $16k-$20k down payment would still not leave you with enough.If you buy under $80k, you're probably buying such a low-end property that it is unlikely to meet your performance expectations.

Your tenant's friend will probably just draw it from whatever nearby circuit thay can tap into most easily.....So running a new 14/2 cable from the main panel will probably not be easy unless it is really close.

Finding a deal worth pursuing is one thing but managing a renovation out of state is a different ball game.Do you have renovation funds to use outside of your down payment + closing costs?

Lastly, we all must remember we are close to 20 million visitors to the area (13M to GSMNP) every year and most owners just need 60 to 80 families to stay at their STR to have a successful year.  .  

If you are looking to fix and flip, just make sure you look for a 12 month term, non-dutch interest on the rehab funds (this means you do not pay interest on the rehab money until you use it), no prepayment penalty, and avoid any lenders that escrow your payments at closing.

Ironically, the people vouching for this company have closed their accounts.