Let's get into spicy details.Note: this post tackles multiple topics at the same time and goes in various directions.

Geez, I don't think you can tackle this yourself, not if everyone already knows about it.

Tackle problem #1 first so you'll know how best to pass title.

You've already stated that you would not move, but consider that if things go truly south, this option is actually better than the HELOC because new debt is placed on your new rentals as opposed to the primary you love.Take a moment to consider what risk you are most willing to tackle and the answer will be clear to you.  

Tackling two big markets like Dallas and Knoxville is overly ambitious for someone just getting into the game.

@J Peterson if you have no experience in building and no experience in being a Landlord, why tackle both at once?

That gives you both rental victory and firepower to tackle the next biggest debt, and so on.

I’m saying depending on there experience and the severity of the fire damage some investors might not want to tackle the project .

If you've got the know-how to tackle a project and/or crew to do the work, it's possible.

I'd love to hear how you are preparing to invest out of state and tackle some of the issues that may arise trying to invest at our age.