While I currently live outside Portland, OR, I plan to begin investing in Tennessee. I am interested in getting feedback about Chattanooga vs Knoxville. 

Knowingly buying into the red just because of financing terms is a very unhealthy way to invest.

One month vacancy can eat up all the cash flow.

The high tax eats away a lot at the cash flow.

Avoiding accessive PM fees (personally I recommend most people self-manage)These will eat away at your ROI.

Do not watch while eating!

Don’t try to have your cake and eat it too.

I think you run a real risk of your second rental eating up the profits you're enjoying on the first one.

I’m open to either a townhouse or a single-family home, but I’m definitely trying to steer clear of any crazy HOAs that eat into cash flow (you know what I’m talking about!).

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).Of course you can manage on your own.