The LTR's have picked up after a long dry spell.

Do you have a home picked out? 

Pick a house that is completely renovated.

If I were you, I would pick a market that is somewhat close to where I live AND has a much better cash flow.

But let's be real, it often doesn't go down by the book.In my 20 years of experience, chasing after tenants who owe rent to pick up their old couch seems... well, not worth it.

It is a bad idea if you pick the wrong market for the wrong strategy. 

I am very impressed that you picked up on the inherent problem with Sub S Corporations. 

Occasionally they seem to have some success and pick up 5-10 properties.

If you end up still wanting to be SW of Asheville instead, I'd pick Waynesville over Maggie Valley.

Axel, talk to Ann Bellamy, who is fairly prolific on BP and was in podcast interview #9, I think - she's a hard money broker, a great lady and I'm sure she would be happy to let you pick her brain about this side of the real estate biz.