Is it ok if I msg you for details as well?

Welcome, hope all is well

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Other lease provisions may apply as well, such as prohibition against causing the LL to incur fines and damages.

The family purchased a lakefront property in a nice area three years ago but then ran into a series of issues, and have abandoned the place because of them.They are hoping the bank allows a short sale (asking for roughly $20,000 under what is owed)Here's what's made them so unhappy:Anytime they used the laundry it was dumping into a dry well, which would back up into the house forcing them to take their laundry to a laundromat instead!!

I am open to other markets as well. 

well if I ever make it to the Smokies to see what the draw is  I will rent a condo then :)  I am just guess but I suspect folks that go there want to be in the woods and hear the birds and maybe some local mtn views etc.. or some sort of privacy they never get at home out east were there is not very much public lands close to where they live in the big city. ????

@Samuel Coronado - the challenge is that there will likely be a very small number of renters looking for a house that size, as well as that can afford a rent amount that high who won't just buy otherwise. 

You'll quickly learn how to manage investments well, which property types and neighborhoods work best, and more.