A vetted turnkey provider offers a hands-off approach, with properties likely to break even or generate modest cash flow, spreading risk across multiple doors.

Gatlinburg/Sevierville/Pigeon Forge was highly bid up due to realtors pitching inflated revenue projections. 

Your 1.2-1.4m new multifamily may only generate 8k in rent tops.

For me, my focus is going to be to go back to my roots and flip a couple of properties to generate cash flow.

Because it's my money, I care more (I get 92% of the revenue, PM only 8%, and PM team member near 0%), I only had my units to manage (PM team member has other owners and units), and, with humility, I am smarter and harder working than the team members assigned to my portfolio (3rd party PM has to hire at a level that makes the business model financially work for them). 

For example, in Michigan those additional expenses would include revenue stamps owing for two closings. 

With $4+ million in equity, you could conservatively leverage your replacement property(ies) and generate strong passive cash flow from high quality NNN assets.

Can function as either co-living or one large multi-generation single family house.

Second, when Boomers lose their jobs, they often simply retire, and they are an enormous generation

This wouldn't be mortgage fraud (because you are living in the property), and you are able to make some revenue from the tenants, or am I missing something here?