also we do not know what is going to happen with int rates, they are very high now, the economy is not good and it is not certain they will be coming down this year. we know there will be more responsible gov spending, so maybe rates will come down, no way to know...I think you need to know the market where you plan to buy well, and go from thereBest of luck

Congrats on your success so far.Some random thoughts for you:- It might be difficult to tap the equity in the rental at this time given the current state of interest rates. 

Given the fact that the Baby-Boomer generation is retiring and interest rates are high (making a buyer's market) I should be in a good place.

Proximity to Nashville is key—properties within 5-15 minutes of the city tend to attract more guests, but a nicer home 20-30 minutes away could provide more value in the long run.Make sure to research short-term rental rates in both areas to determine which offers the best return.

Or at least what are investors looking for today as far as return and cap rates?

With 56% appreciation rates in less than 10 years, even the stock market can't beat North Carolina!

If rates come down (most likely not in 2025) you can refinance or just shovel cash-flow and pay it down quicker. 

The reason I ask is because most deals I see on Crexi or Loopnet or anywhere else create negative cash flow under 7 or even 10 year terms with 7% - 8% interest rate.

Although, it's very capital intensive and you have to rely on a lot of factors you can't control, contractors, interest rates, market shifts, realtors, buyers, appraisers, inspectors, material costs, weather etc etc.

It's effective interest is similar to Mezz-debt at current rates but a bit lower.