Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Quote from @Brian Barch: I agree that this sounds like a pet project for you, which again is totally fine if you are okay with spending your money in that way.To me, the STR market (and from what I hear about the smokies) is on a downward trend.  

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Pets, space, family, amenities and just general preference to less private hotels.

Is there a reason they are willing to be so accommodating to get this property, is everyone turning them down.Can the concession be a combo of pulling payments forward and paying higher rent, like pet rent.I would say stick to your gut and your criteria, but consider the gray areas to see if any criteria or reactions need adjustment.

The value for the resident is generally more about location with relation to a commute, comfortable furnishings, an accommodating owner/landlord, a fenced yard if residents have pets and affordability.

@Shabar Marshall maybe Las Vegas is different but when I list a condo/hoa for sale, I have already asked the association, if seller doesn’t already know, about parking, pets, and rental restrictions so I can answer those questions vs wasting everyone’s time.

You don't want to be unloading your groceries and have someone come up to you about pets, neighbors, miniblinds, etc.

They could pass a new resolution not to allow rentals, or no pets in rentals, or no section 8 in rentals, or raise the HOA dues insanely high for a year until you sell it to fund better reserves for themselves at your expense.