Your thought processes are awesome and so logically thought out. 

Below are the details of the property, renovation plans, financial projections, and potential profits.

Husband and I are planning to buy our first  short term rental in Pigeon Forge, Tennessee.

Investing in real estate out of state can be a profitable venture, but it requires careful planning and execution to minimize risks and maximize returns.

I specialize in bridging the gap between national & international investors and builders...basically, providing a turn-key process for identifying, purchasing, & managing cash-flowing properties.

HI, pretty curious about what the Fayetteville officials are like in regards to this process?

@Derrek J Hooyman I know you say you’re looking for a system and it’s never too early to plan for later by putting systems in place.

Are you planning to invest only in your local market, or are you open to exploring opportunities elsewhere as well?

So I think I will also plan on the conservative side as well.I put our first rent check in the savings account after paying the mortgage. 

Key to your approach, as you seem to already understand, is that it requires elevated levels of planning and due diligence, but with this approach, it can be a profitable strategy.As you are in the process of narrowing down locations, start engaging with local experts to best understand market dynamics and compliance requirements with local laws.