I’ll start and feel free to brag about your failure.  

Is there really any other variation on this merry-go-round or certain failure?

If by real estate business you’re implying you have little or no money to invest but are contemplating using one of the guru inspired methods (subject to, “wholesaling” , fix n flip) to create cash flow, I’d encourage you to do research on the true success/failure rate of people who engage in these endeavors, the amount of money the successful operators spend monthly on marketing, and the real time commitment and knowledge and experience necessary for success.  

From my topical research, Tennessee doesn't levy any state income taxes at all, so, acknowledging that I don't have all of the information, you may owe no state income tax.Also, I would like to clarify that failure to qualify to a 1031 exchange would be irrelevant to you if you qualify for the 2 of 5 year exclusion.

@Robert Payne  I used to think Kwikset was great but I don't anymore, that one failure was enough. 

Fintech companies may not have the same obligations or mechanisms in place to address customer grievances effectively.4.

For instance, I didn’t install grab bars in the shower, since more penetrations can lead to more failure points based on my experience.

Are there welfare liens, mechanics liens or other state liens NOT yet recorded? 

If you get a property that has all new mechanicals, fully updated units, get it all done in a timely fashion, and still leave 25% in the deal you are WAY ahead of the game, due to the fact that you have front loaded risk and updated your mechanicals. 

You need a mechanical permit for the HVAC, and you need a residential construction permit or EZ permit open in order to pull the mechanical permit.