I will be looking into the opportunity with a partner who has several years of experience in RE and good amount of client network.

I've gotten several underwriters that say they won't do it, and some that are still looking into it. 

At several I was the winning bidder, at one I was the only bidder showing up.

@Tim Schroeder, I have read on several blogs that TN is a great market.

We're thinking to start with smaller deals with ARV's in the 125k-150k range, since that is a range we can comfortable work in without needing outside financing.Although we have owned several homes over the years, are handy with a hammer & saw, and have a solid background in business and finance, we have not actively pursued investing in Real Estate.

My last several have been belly to belly with the seller, no agents, so my data may be like me - dusty and outdated :)

@Ken NeusaengerYour strategy has several issues with respect to IRS guidelines.In exchange for tax-sheltered status in an IRA, the IRS rules prohibit any direct or indirect benefit, in either direction, between you and the IRA.Simply from the starting point of you buying a parcel personally and having the IRA buy the rest, you have introduced risk.Any services associated with the property must be performed by an unrelated 3rd party. 

If it's a specific job such as plumbing etc, get several quotes from licensed plumbers. 

@Aarti Bambha there are several Personal Unbrellas with a limit of 25 locations, 100 units.  

One suggestion is to run your calculations with several different holding periods to help get a better idea of how the investment could perform.