My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

You should only be liable for tax on any appreciation since you inherited the rental (minus the cost of your improvements). 

I agree with Collin.The Smokies do have a lot of competition, so you need to have a view, decent location, good to great amenities etc to stand out.We have a 6-bedroom cabin there, but I imagine a 3 to 4 bedroom would be in the sweet spot of not too big or not too small.

I've done this on one house in order to cut costs - since then, I've added a meter with the utility company but it's a good workaround for the short term. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I would say that your QI should be competitively priced, but the lowest price is not always the best. 

I see too many investors now, put a significant amount of money in rehab costs and over leverage themselves on hard money loans with low down payments, their properties are not selling and they are lucky to just payoff their current hard money loan via a DSCR refinance. 

Agents are also advising you to look for expensive mistakes (like checking the sewer which could cost 5-40k) and using their network and contacts to find homes off market or FSBO.  

Run the comps, calculate repair costs, and plan multiple exit strategies so you maximize every deal—whether that’s wholesaling, flipping, or holding for cash flow.

The family viewed the house, loved it, and requested that I install satellite TV and add it to the costs, which I did.