It is also very risky and has a lot of potholes that you can find in your first try. 

We are also wondering whether it would be better to try and find something located closer to Nashville within 5-15 minutes that may not be as nice of a home or property for our budget or find something that is around 20-30 minutes from Nashville in the White House Tn area, but a nicer home within our budget.

You will find that as you add to your portfolio, they get easier to add. 

Watching said plan unfold is just incredible.How did you find this deal and how did you negotiate it?

Purchase price: $150,000 Cash invested: $90,000 Bought as a forclosure gut job.

How did you find this deal and how did you negotiate it?

Will it even cash flow? 

i have seen many do very well getting on a team.Myself personally I would concentrate on listings 1000%  Buyers only if well knownand wont waste your time. 

This is what the buyer said.1: We agree to sign a deed in lieu at closing.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years.