I'm a big fan of keeping your job for as long as possible.

As long as you have your numbers correct on the property you should have an idea of the return you'll get.

When determining the Section 121 gain exclusion, no gain allocation between business and nonbusiness use is required as long as both the residential and nonresidential portions are within the same dwelling unit.

Open to fix the house as long as it doesn’t require major repair.Options I’m considering:-Put 3.5% down with FHA loan.

Meaning, if you take an initial loan upfront, you will have it appraised for the renovation loan (so you know the value), you can roll in all the costs (that is, as long as the value is there), and it limits your risk.  

Welcome to BiggerPockets, Yes, it can be done as long as you are fully transparent with the property owner.

So as long as you have leases in place and do 1-month+, you are good to go. 

As long as the property has been reasonably cleaned and there is no damage beyond typical wear and tear, I generally return the deposit.

There has been new regulation voted on in the earlier part of 2021 that will phase out new permitting for owners of these RM zoned properties throughout Nashville starting on Jan. 1, 2022.If you purchase a property in this zoning, close, and apply for your permit prior to Jan. 1, 2022 then you will be grandfathered in on this zoning and your STR permit as long as you keep your permit active with a yearly renewal fee (currently $320 with a credit card).However, if you purchase a property in Nashville that is currently an STR at a current income-based appraisal approach in these zonings it is important to know that you will more than likely not be able to resell this property to anyone else under this appraisal approach and could greatly affect your long term plans of these types of properties.I have had several other realtors, investors, developers speak with me recently with the solution that they could simply put the property into an LLC and then sell the whole LLC in order to skirt around this new regulation.

As long as you have the funds and are approved to the total, then it shouldn't be a problem.