I'll provide some tips below.2.

Hello Satish- the greater Banner Elk area does have a lot going for it and the right property should provide you excellent income and a potential nice getaway spot. 

While I’m open to both turn-key and fixer-upper properties, my preference leans slightly toward value-add opportunities where I can improve the property and increase equity or cash flow.That said, I’m also happy to consider turn-key options that provide immediate cash flow if they fit within my investment strategy.

Thank you all for all the information and assistance you have provided 

As long as you're living in it as your primary residence and can provide proof of that, you can continue with Owner Occ tax rate.

Both of you provided important information.It's true @Jason Wray that Florida is always a hotspot.

You have provided a variety of situations where doing a cost segregation study would be useful.  

Quote from @Steve Lehman: @Jackie LiuFirst and foremost the information that everyone has provided has been great. 

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

Zoho Books, I am not using this as my partner uses it integrates nicely with CRM for book keeping and I could provide access to our CPA for Taxes.