Here's a revised response with a more structured format:---Hey JeffIt sounds like you’ve got a solid deal in the works, but I totally understand your concerns about the 5-year seller carry.

After reading Brandon and Brian's book, The Multifamily Millionaire, Volume II: Create Generational Wealth by Investing in Large Multifamily Real Estate, I'm a bit puzzled as to if the GP's must have real estate experience, or if someone can connect enough professionals/companies on their team to execute successful investments.

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

To help support that avatar, try and have on-site parking and ideally a place where a large work truck can be parked without issue (think fully decked out F-350). 

Chosen right, some of those South side neighborhoods may become hot, and give you large amounts (percentage-wise) of appreciation.

They have vendors that count on their business as a large portion of their business.

Because I rent 4 bedrooms house, it's more conducive to large gatherings and parties.Another issue and please tell me if this is normal that when people book for 5 people they usually have at least 10 or 15 additional guests. 

If you look at the demographics of the city, we’re not growing but we’re rapidly changing”.Large institutional money has not found the Pittsburgh market yet.

I don't do large rent increases on my tenant because I don't want a unit turn.