Since you estimate a resale value of $200-215K and renovation costs of $60-70K (although you said that's on the higher end), your margin is tight, especially considering closing costs, realtor fees, and unexpected expenses.

Be sure to calculate the impact this might have on your ROI.Fees: Be prepared for additional fees, such as origination fees, appraisal fees, and possible prepayment penalties.Things to Consider:Loan Terms: Understand the interest rate, the loan term, and any repayment penalties.

Compare Loan Terms – Ensure their rates, fees, and terms align with your investment goals by getting multiple quotes from other lenders. 3.

I wouldn't recommend setting up an LLC out of state if you are buying in Tennessee unless your tax advisor is looking to help you on strategy.. but from a numbers standpoint, it really doesn't make sense when you start adding up on all of the annual LLC reporting fees from different states and then it starts cutting into your cashflow.

It sounds like you've absorbed a bunch of problems already and a new sewer line and the current basement situation will cost you way less than the $50K in fees to sell it. 

I just got an email from the HOA attorney demanding close to $2000 for past due fees.

Hi Danielle, As a property manager, if you were my client, I would recommend that you incorporate a monthly flat rate utility fee into that tenants lease.

The highest fee I've seen for assisting with tenant placement is 10% of one month's rent.

I ending up burning some money for the things you described (NAR membership, brokerage fees, quarterly MLS charges, etc), just a lot of things I found I wasn't getting any value from, I decided to simply put it on full stop and take a year to really reallocate and figure out what I needed to do.

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).