Any feedback or constructive criticism would be helpful as I do plan to grow in the future and would need a better way of dealing with late paying tenants. 

Goal is to eventually quit my day job (land surveyor, mostly for construction).

Also, would y'all agree with my realtor that a new construction home is a viable path forward, considering the competitiveness of the local market? 

No one has more "skin in the game" than a PMC as they have to deal with the property every day until an owner sells or fires them.Also recommend finding your own Inspector and not one referred by an agent.

If the bank is a certain age of construction most tenants want it torn down and build new.

They're not very well constructed but if you are in a pinch they'll do.

There are many investors in the Smokies that would like to sell right now, but they cannot because they will have to bring money to closing.I wouldn't be doing new construction in Sevier County under any scenario right now.  

I'm confused on how the financing and construction loan would work.

The inspector in some ways was a pain and in other ways was lenient.  

Not aware of how construction cost are looking in Milwaukee, but I'd talk to a couple of contractors/developers in the area.