I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.

One of the bigger wins for me is the ability to duplicate listings fairly quickly across multiple platforms like HomeAway and booking.com, with an API integration you no longer need to use their admin screen and can do it all from HomeAway as well as process payments via Stripe.

While in theory this is great, even if you find a property below market value you run into two issues in today's market.The first issue is buying low enough to recuperate your expenses and down payment.

If you rent it by the room, I'd also hire a cleaning person to come in every week or two and clean the common areas as well as someone to cut the lawn. 

The $200-$300 cash flow will not cut it. 

With current interest rates though and cost of property in Nashville, nothing even comes close to seeming like it will rent for enough to offset what our monthly payment would be.

My concern is that currently, the monthly mortgage payment (~$2,700) will be higher than average rent for a 1 bedroom (~2,400). 

Mismanagement is not the reason but too many expenses all the time and than charging too much for little things is what is expensive, death by small cuts kind of thing.

Save your money for a down payment.

Also, you don't want to co-mingle funds --- so, which bank account should be making the mortgage payments?