You need to be aware of your Market.

Pay attention to your property and be on utility bills if power, water, or gas is shut off's so your aware of utility non-payment .

My clients make me aware of their strategy and I make my lenders aware of this strategy when I go after one of these deals.

This means if the bank is made aware that the property is being transferred, then they have the option to call the remainder of the loan due upon the occurrence of that transfer of property.

Well  I can't speak for Kentucky but I can speak for Oregon and Washington were I logged for 10 years and did many many deals with my bank and private sellers.If the bank is aware of the timber and timber value they will include it in the loan docs IE your not allow to harvest timber without their permition and then you negotiate a dollar amount.Sellers that do Seller carry back will usually have a provision in the mortgage or trust deed that says no timber harvest unless loan is paid in full in advance.OR in our area you can have a Deed of Trust or Mortgage depending on what the lender wants AND you can have a separate Timber Deed on the same parcel.. the Timber deed can also have a time limit on it..

I've made a decent living over my brief investing career in Austin, but I've warned many out of state investors to the same thing that @Jay Hinrichs mentioned, which is that we have no state income tax here, which means that our property taxes are astronomical to make up for it.If you live here, it's immaterial, but if you live in a state with income tax, you're essentially getting taxed twice (and yes, I'm aware of (some) of the complexities of cross-state earnings and how they're taxed).

Just something to be aware of.Skip the bigger banks when calling around for investment property HELOC's especially if you have several mortgages already.  

Especially if you BRRRR correctly,  you'll be getting all that cash back anyway.Just be aware that a lot of banks require a 'seasoning' period of 6 to 12 months of ownership before they'll finance a deal.  

Are there any issues I should be aware of on a property like this?

More ordinary as of now, but I am also aware of the tax hit I will take if I sell this property at the same time as my others.3.)