I have been working with a credit union to get a HELOC to allow me to tap my equity to buy additional real estate.

In addition to using AirDNA, research active and potential competitor rentals in your target market near Gatlinburg by browsing booking platforms.

Additionally, the management companies would take around 10% of the rent for their services.Given this, I’m exploring whether it would be a smart move to refinance when interest rates drop, and possibly form an LLC to transfer the property into.

Are there ways to add value through renovations, additions, improved management?

Some private lenders are not willing to loan on auction properties, given the additional nuances and potential risk. 

Will monthly rent cover all expenses and provide additional funds to set aside for reserves?

If the agent of the corporation signs the lease, do you have the actual tenant as an additional party on the lease?

Could my LLC provide bring additional credibility (i.e., loan requirements) which directly affects the amount of capital received from the bank?

These are very interesting insights; thank you for sharing, and it is always great to learn additional ways to build wealth. 

Additionally, I’ve been working on getting a solid purchase agreement and assignment contract.