One thing people haven't mentioned is look for your own ad on the key rental syndicated sites and see if it presents well. 

Seems like 130 units is a beast to manage, I'd love to hear about your on-site management systems and "experience management" process to stand out amongst the fierce competition in the smokies. 

I currently live in Southern Maine and am looking to construct some kind of new project rather getting into rehabbing existing residentialProposed Land Budget 100-200kConstruction Budget: 400kAll in 500-600k.I have found that if I do the site work myself including clearing, septic and digging the foundation is that i can sub contract out either steel or a Lester style building (50x150) for around 300k installed with insulation and power , divided into three 2500 square foot units. 

Just like when evaluating a potential purchase you should be performing the same due diligence with rents.

We also work with investors in the different markets we operate in to perform tenant placement where we work with ALE Solutions, other relocation companies, medical agencies, etc. to offer properties as a part of our inventory.

If you're sure the land will appreciate on it's own, I don't see any harm in going for it, unless of course your money can perform better elsewhere, which it probably can.

I'm wondering which company buys performing loans and what hurdles I might face?

You can get away with using 5% for Class A tenants, but we use 10% for Class B and lower. 3) Tenant Payment Performance: you didn't mention this, but it is important!

Once you are on site you can decide if your $20K should be used as a downpayment on a double to house hack (to stop renting), a single to just stop renting, or a single to lease out.

This is a real estate investment forum, so you won’t find many/any people on this site who deploy that strategy.