Kevin Doyle I employ a similar strategy in Missouri and we can enter the property nearly immediately after sale however next door in Kansas there is up to a one year period for the owner reinstate the mortgage.

It was hectic, but I learned a tremendous amount about what goes in to rehabbing a home.Fast forward 6 years, we moved to Rio Rancho, NM (near Albuquerque), my wife and I were both employed in great W2 jobs and we had saved up some extra money.

Chattanooga does have a stable economy with great employers.

Fort Campbell is based there and is the main employer (I am former military so I understand and know that).  

@Tony Stephenson I would expect you have a noncompete or nonsolicitation of clients agreement with your employer.

Our initial application gets their current residence, how long they've been there, landlord contact info, employer, salary, how long they've been employed there, family size/status, pets, cars (years and type), whether they've ever filed for bankruptcy, had a felony conviction, owe any outstanding balances, and other similar information.

Plus more and more companies are establishing here and offering employment with much higher wages than most people around here are used to earning but as more and more people are able to earn higher wages then I know sooner or later the rents are going to go up significantly.

How about Employer's Practices Liability Insurance? 

It’s much better investment than most people make with a 401k through their employer at 7% average return.

In doing do, you will convert self employment tax free income to SE income.