That is by definition of a dwelling unit from Article XII in the Land Development Code which I have included below.Dwelling Unit: A room or groups of rooms forming a single independent habitable unit that is used for, intended to be used for, or may be used for, living, sleeping, sanitation, cooking, and eating purposes by one family only; for owner occupancy or for rental, lease, or other occupancy on a weekly or longer basis.A dwelling unit shall contain an individual kitchen, as defined herein, sanitary and sleeping facilities.

With that said, buying a bank owned property is definitely a lengthier process than buying from a private owner.

When a property owner first contacts us and their initial question is "how much do you charge?"

Previous owners were hoarders/not very clean but I haven’t seen any pest activity since the home had been emptied out a few weeks ago. 

The lender can exercise the "due on sale" clause if the name(s) of the buyer are not the same name(s) as the members identified as the owners of the LLC.

I am the owner/operator of a private lending/hard money lending company based in Knoxville in conjunction with our local family office.

The awesome tenant you find for the house is paying for the PM, the maintenance reserve, the CAPEX reserve and the vacancy reserve and you will then send your brother what's left of the rent as the owner distribution.

I found the representatives at the office, while hard to get ahold of, were always very helpful in helping me work through the process.Granted, I bought mine vacant then got them enrolled in the program, so slightly different, but I believe I just had to submit closing statement showing transfer of ownership from seller to me (at the time the county website could take a long while to update), and there were some basic forms with owner name address and phone number, management company name address and phone, direct deposit forms, etc.  

Purchase Price: $215,000ARV: $275,000Tax Assessed: $300,000Rehab: $8,000Rental Rate: $2,300Landlord Insurance: $2,500Home Owners Insurance: $5,000Property Taxes: $8,000Year Built: 2018

Except with these places of real estate, the owners can also go visit them and enjoy them.