The water heater and furnaces are all in the basement so it looks like I don't have much choice.

Ask yourself if you want to understand all the terminology of real estate or simply want the safest route to passively investing in real estate you can take.  

Smoky Mountains seems to be a solid choice but I wonder about oversaturation and competition in that area?  

Is one a clear choice and I am having trouble seeing it?

I think you have no choice but to convert to cash yourself.....no one is going to take the risk/hassle of converting afterward.

$280k home for $2,500 rent is a personal choice.

I am sure there are other good choices out there, but strongly recommend them.Stessa is lacking tenant communications and maintenance tracking, but overall stands up pretty well as free, or nearly free.Buildium is pricey and has a learning curve, but if you are going to exceed 20 units, definitely look to migrating to a real professional package like buildium

Cities like Memphis and Columbus often have more affordable properties and good cash flow opportunities, making them popular choices for investors.

I even have a cousin who is homeless - by choice (?!??).

The day before I arrived, I had no choice but to text Chris and ask him for the lockbox code.