. -- Short/medium term low cost of living and long term passive income.--  Pursue art full time within the next 3-7 years. 

There is a deal available to us as we speak which I will get into shortly, but I feel it is unusual in the REI sense a would like to see if I can get some guidance on it.Where I am seeking help and/or advice here is in determining what to do first.

You could ask for a higher deposit for the property to allocated for the cost that would be incured for a leasing with a higher turnover.Overall, Can you sleep at night with the decision that has been made with the property and your business for the short and long term?

Start by searching the forums here for GATLINBURG and you will find lots of advice or peruse the SHORT TERM RENTAL (STR) forum.

When you say taxes there are fed income taxes maybe long term capital gains or short term-not sure.

First you have to decide what your reason for investing is So, Decide which kind of investor you want to be (SFR, Commercial, Land, Tax Liens, Passive, HML, Multi-Family, Notes, Fix & Flip, Buy & Hold, "Subject To", apartments, duplexes, assisted living, REOs, Foreclosures, Short Sales), etc.

@Wes Short this will vary from agency to agency.

If you are going to refinance (buy a loan), then you may well consider keeping the condo for a couple of years for long term vs short term capital gains.

Thanks Ask the seller to carry the note (owner financing) for a short period of time while you find other permanent financing.

It's a very short document which states only that you are assigning all right, title, and interest in the purchase contract to another party "in exchange for valuable consideration".