My education background is in computer science, mathematics and some corporate finance, as well as have some internship experience in the quantitative finance space.

The companies that market themselves as "garage door companies" (residential) also almost always do commercial stuff as well, such as what you are looking at.

I know investing with family can possibly hurt relationships if things don't go well, so I don't want to make any big mistakes since this is a large amount of my parents inheritance. 

Walls are drywall and don't hold up well to jump kicks. 

I know for sure that in my area of Texas (well outside of major metro areas), we've seen the cost to build new homes almost double in price. 

There's lots of properties for sale in the Smoky mountains so you may also have a larger selection of options to purchase as well.

Those forms are generally well reviewed by local attorneys in regards to the local jurisdiction regulations.

We compromised on the desing as well as the tenant. 

Depending how much of the neighborhood is a hot zone for renting rather buying, and which Property type is performing better than the other (meaning 1bd 1ba 2 floor renting out faster and much more consistently than a 2bd 1ba 1 floor), you can make your choice of those factors as well as other ones that impact your decision for what you wanna do with your investment.

I paid it and it was well worth it.