I wouldn't recommend setting up an LLC out of state if you are buying in Tennessee unless your tax advisor is looking to help you on strategy.. but from a numbers standpoint, it really doesn't make sense when you start adding up on all of the annual LLC reporting fees from different states and then it starts cutting into your cashflow.

Quote from @Jacklyn Robins: Sorry, I clearly misunderstood your level of experience.

Not the best idea to cut costs.

I'm 67 yo and ss is not cutting it.I'm guessing that it would take at least $100,000 to update. 

The only piece of advice that I would give is that getting a STR to market is death by 1000 cuts.

But I'm having trouble finding any properties that I could rent, BRRRR, or flip where I would even break even—let alone clear a profit or cash flow.My question is: When you hear that I'm essentially doing 100% financing, does that make it clear to anyone what strategy would be best?

Don't forget about single family as well as to cut out 80% of the deals.   

2) dropping a vape in a toilet mid stay is clearly an accident.  

You have NO leverage, no matter what he builds or does not build, except for the developer saving some money in legal fees and cutting down on mesne profits damages.

Quote from @Anil Shah: It's unfortunate Raleigh-Durham didn't make your cut of 13 cities but Charlotte is definitely the city to choose in NC if your want the city feel.