The first consists of the general exemption, which means the sponsor just complies with the definition as defined by the SEC.  

That all makes sense to me but it makes me wonder how can you be "financially free" or even just start building wealth if you are 100's of thousands of dollars in debt at all times.

Am I wondering what I've gotten myself into? 

Smoky Mountains seems to be a solid choice but I wonder about oversaturation and competition in that area?  

The long term rent can most definitely be considered though for FHA. 

No wonder he is disliked on Bigger Pockets.  

Thank you, Adam  Hey Adam, obviously Bias here as we are accountants, but yes with three properties is definitely worth hiring a CPA or tax specialist that focuses on real estate to ensure all your taxes are filed compliantly, properly, and you're getting all the deductions possible.

Wonderful!!

Looks wonderful.

If you are assessing all markers you will probably find better but if you have some connections or a reason to be here you can definitely flip here.