Scale back the lifestyle (if necessary) and live off of risk free interest. 

My encouragement to you is to not allow your lifestyle to change too much upon graduation.

I guess I'd have to ask what kind of lifestyle you're looking for outside of your investment activities. 

But many are probably happy just making their 12% on the couple hundred grand you describe that is your mothers nest egg.. and one would look at that as an investment not a business per se'.in the HML business 5 million is really the minimum in my mind to have under management. if your making 2 to 4 points and brokering others money that will give you 100 to 200k a year with none of your own money.. and it really depends on what your lifestyle is.  

Chattanooga may not have the characteristics necessary for financial freedom.Financial freedom is more than replacing your current income; it requires maintaining your current lifestyle for life.

Land inherently appreciates over time, yet actively enhancing its value requires strategy.

2 - if you do not have a robust lease, it may be worthwhile to sit down with a landlord-tenant attorney to review your current situation as well as review & enhance your lease agreement. 

I would recommend first, greatly strengthen your David Green's defense pillar, meaning, live a very very lean lifestyle, every expense has to be a very conscious decision. 

.- Improve the Guest ExperienceA well-designed Airbnb enhances the guest experience, leading to positive reviews, repeat bookings, and recommendations.

If this is more of a lifestyle house hack and you will live there for 4+ years, then I feel the investment makes since.