First, Texas is one of the most landlord friendly states in terms of laws.

Property values here have a steady history of growth, making it a reliable market for long-term investment.2.Tenant-Friendly Laws: While this might seem like a challenge for landlords, tenant-friendly laws create a stable rental market.

Quote from @Samuel Coronado: Huntsville long term will get a better % ROI than Atlanta.

Nashville is a fantastic market with strong rental demand and long-term growth potential.

Everybody is different, some people like flipping, some like short term rentals, some like long term rentals. 

I would find a loan officer that does both conventional and FHA renovation loans to compare which has better rates and terms for your situation.

Metro Atlanta, generally speaking, respective markets 30 to 45 minutes from the City, will be tight on cash flow unless you implement a creative investment strategy, such as short-term rentals, medium-term rentals, or rent-by-the-room properties, or allocate at least 30% to 35% towards your downpayment if you intend to hold the property as a long-term rental. 

@Michael Baum how many Short-term rentals do you manage this way where you are on call all the time?

They aren't going to magically improve and start abiding by the lease terms but I think there is definitely a possibility that the situation gets worse.I think that's a good point.

I'm thinking long term rentals will be a good retirement plan.