I kinda agree with @Kevin Sobilo, at least in regard to the multitude of questions you are raising - some of them worth of their own separate discussion thread (which you can search for and you'll find plenty of various advice).But here is my 2¢:2.

I was worried about this based on the google searches but have not taken a deep dive into the tax code.

Sorry if I am missing it, but how do you search the forum posts? 

RE agent signs the lease between you and the selected tenant.8. make sure tenants knows what forms of payment you accept.Tip - I usually dont mind lower rent when advertise = allot more calls I am getting from interested persons.

The first thing I said to my friend is that it doesn't sound like too bad of an idea but of course get a title search. 

The process has been, to the best of my non-attorney knowledge, paying for a title search and then, when I go to quiet title, listing any name that may have interest in the property via the title search.

Start by searching the forums here for GATLINBURG and you will find lots of advice or peruse the SHORT TERM RENTAL (STR) forum.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

@Emily Meersand Hi Emily, i can assist you with your search.

Let the current owner give them notice, get them out, and turn the property over to you empty. you can renovate and fill at market rate with tenants you've selected.