•I plan to put 20% down on this new property, which means I’ll be left with about $80,000 in cash after the purchase.Given this scenario, I’m trying to decide whether to pay cash for the second property or continue with the 20% down strategy .

My plan would be to live in it for a year and then start renting it out. 

If you bank at a retail bank it's likely that you could pull a cashier's check to provide  certified funds.As to the wisdom of using other people's money (that you are solely responsible for) you'd better be comfortable with repayment even if things don't work out as planned.

If you are going to engage an architect and do full plans and permits, then you will likely need to do some pretty serious analysis.

@Jon Young What are you looking to spend in these cities your interested in?

It's good you are planning in advance. 

If you plan to invest somewhere else, who is the top agent for investments in the area that could point you to a good mentor, or offer mentorship themselves?

If you ever plan to develop the land and sell it you'll use a title company and they'll do the research then, and if there is an issue in the chain of title then you'll wish you did it on the front end.  

We are doing OK but hope to get a lot more bookings the rest of the year for people coming to Pigeon Forge.Travel spending continues to break through all time highs. 

Plan for your next property but there's no reason to rush into something so quickly.