There’s no specific law mandating general liability insurance, but it’s a smart move to have it.

It's also how I started when I moved here in Columbus OH from Portland OR.As for property management, honestly, it depends on your time and interest level.

I'm currently moving into the commercial world of real estate.

Taking action and learning from those actions are key to moving ahead.

That said, most of our DSCR options have had rates drop over the past few days, so right now is probably a good time to move forward (at an 80% or 75% LTV) as it is very possible to get you rates in the 8s and even low 7s right now at those LTVs, if your credit and DSCR ratio are good.

There are a lot of affordable properties in Knoxville, but the growth isn't terribly vibrant and the deman isn't what you'd expect for a city of that size and that close to the Smokies - you're mostly looking at college rentals for the meat of the move season, and the SF market, while it exists, doesn't really compare to Chattanooga. 

I would only recommend moving on this if you are comfortable owning it for the long term.

You may want to move on it sooner rather than later.

There's no problems living next to your tenants, just tell them your the manager NOT the owner to avoid guilt tripping.You have to analyze the deal 1) while you're living there 2) when you move out.

As long as you follow the two-year holding rule and structure the deal properly, you should be able to move forward, but I’d highly recommend working with a tax pro to ensure compliance.Disclaimer: I’m a licensed real estate broker associate in Florida, not a CPA or tax attorney.