I understanding is the TN has some crazy rules and regulations that complicate this process. 

There will likely be local regulations that will dictate the maximum late fee that can be charged.

So, I’d dig into the numbers before making a call.Local zoning and code regulations: Converting a multi-family property to a single-family unit might require permits or specific approvals, so check with your local building authority to avoid surprises.

, but they’re planning to enforce regulations more strictly in 2026.

Often times there are bedroom size requirements, residential sprinkler system requirements, among others.You'll want to then check the state regulation agency and review their requirements and licensing process. 

Legal and Regulatory Compliance: - How do you stay updated on local laws and regulations affecting property management?

Is the higher cash flow from short-term rentals worth the additional effort, or does it come with too much hassle in terms of turnover and regulations?

Whether it's regulations on eviction, tenant rights, or property maintenance, being aware of these rules can save you from future headaches.

Understanding local laws, tenant regulations, and tax implications is also crucial.

My two cents would be to start with a solid business plan that accounts for phased development.Also, even though you're outside city limits, keep an eye on county regulations.