Are you just using a number like AirDNA provides or have you dug in and found comps? 

@Vina Merrill,I don't have much intel on Knoxville, but I’m active as an investor, turnkey provider, and builder in Chattanooga.

If you are familiar with this area, any further recommendations or resources you are willing to provide, I am super grateful. 

Having the contractor relationship in place to move quickly and provide a high quality renovation at a reasonable price.

That would be glorious...lol quite honestly to get a longer contract and have them turn into longer term tenants provided they are good of course.

I wanted to provide an update on the status of my situation.

Under federal law (ADA and FHA), true service animals and emotional support animals are exempt from pet fees, deposits, or rent, but the tenant must provide proper documentation if requested.

That makes your bookkeeping easier, and it can also provide liability protection if you hold title in an LLC.

I have 1 partner who provides up to 75% of the down payment, however, my goal has always been to live below my means, save money, and invest the saved money as a downpayment. 

Hi Preet - Great questions and I'm sure there are some folks that may be able to provide some more concrete yes or no answers but my sense is that you may not be able to realize a lot of tax benefits if the value of the thing you are describing isn't very high.