I'm primarily Texas and Arizona with interest in Huntsville with it as a central hub location for that part of the country.

Most sellers are looking for 70-90% of the legal payoff nowadays no matter where the property is located, which in many cases is well above the unpaid balance. 

I agree with Collin.The Smokies do have a lot of competition, so you need to have a view, decent location, good to great amenities etc to stand out.We have a 6-bedroom cabin there, but I imagine a 3 to 4 bedroom would be in the sweet spot of not too big or not too small.

I just hit town and my throat was dry.

Compare other rentals with a similar size, location and bedroom count to get an estimate of what the rent would be while you're living there.

I would assume the home is located in the 30901 zipcode?

There are a lot of good things about Wyoming LLCs, but the favorable Wyoming laws don't matter as much because the state you are in will apply the laws of the state the property is located in. 

If you buy in a prime location with desirable amenities, you’re setting yourself up for steady income and long-term growth.

I live in Buffalo NY and have not seen much going on at this location. 

This might be a question for our insurance broker/future attorney, but wouldn't the LLC be formed in Indiana since the rental property is located there (versus Illinois where we will be living)?