The requirement is that you live in it for 12 months if I'm not mistaken. 

Especially when you factor in home maintenance and repairs. 

Low property taxes, no state taxes, excellent maintenance done by the city, good schools, etc...You mentioned looking in the suburbs of Nashville but that time has passed by? 

Managing the $60,000 renovation budget required careful oversight to ensure timely completion.

Most municipalities in Alabama require a business license for long term rentals, also.

Typically 25%+/- down payment is required.

In general, you will want 25% of the purchase price to buy the property, but you should also maintain a reserve to deal with unforeseen expenses like vacancies, maintenance, etc.Before you even begin, I think you should focus on a little education.1.

He can't call the wrap due, if the person he sold to has met the requirements of the wrap.The guy who bought on a wrap, did so because he can't otherwise qualify for financing, so a lender won't likely be doing a refinance for him.Does the guy who bought on a sub to and sold on a wrap just walk and let the chips fall where they may?

So if you can find a parcel that doesn't seem to have multiple fatal flaws, or at least you think you can add value to fixing/figuring out their constraints, then I would do that and then just flip on the MLS, especially if you are able to let it "season" a bit, which the title companies in California require anyway...they won't insure a flip of a tax parcel until some time has passed.

Tenants frequently do not take good care of the properties, and the government requires certain standards for the condition of the units.