Have you considered a flat fee MLS listing as a way to gauge interest and possibly sell?

HOA fees, in particular, seem to be the biggest hurdle.

The problem with selling is a lot of that equity will be lost when you sell it either through taxes or payments to your listing agent.If you ever have the ability to limit these types of fees and still be able to use your equity to fund additional purchases I think you should.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

I alsodidn't see any mention of HOA fees/dues and or rules.

. - 30 year fixed terms - Usually have a Prepayment Penalty from 1-5 years, although you can price out a 0 PPP for a higher rate or fee- Minimum Credit score is 650 usually, although you could do a lower LTV loan at 620. 

It gives the Tenant 5 days to pay the rent and late fees, or Vacate the premises.

ARV 690KSelling Price 500kRehab 85kAfter closing costs, points, hard money, lender fees...

According to your numbers, I would say to keep it as a STR but as a few others have said, look at different vacancy rates as well management fees.