Zoning codes vary by area so I would check the local zoonning codes and call the permitting office to see if it has a use and occupnacy permit for a SFH. 

@Brendan Simpkins I am local to Nashville and happy to refer you to the CPA I use along with a couple others in town! 

Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments.

What is the general climate of the local government torwards short term rentals and do you see this attitude shifting? 

You really need to rely on your PM for notification periods and any local/state rent caps.

Now that you own THAT building, at THAT location, it might be time to do the "networking fluff" associated with being a "pillar of the local community." 

That means shorter loan terms, higher qualification hurdles and floating rate or balloon components.Finding financing for multifamily properties in the 5-10 unit range typically means local banks and credit unions, or small balance commercial lenders.

Talk to people in your RE meetups or local community bc its those individuals who may have a deal that could be ideal to your buy box.

If you promise them a "rescue" and you don't get it done before the foreclosure sale they can sue you and the local authorities can investigate you.7.

If possible I'd also recommend visiting the market you plan to invest in to familiarize yourself with area and connect with locals.