STR investment in Knoxville - thoughts?

[Tanner Sandoval]

Hi all - 

First of all, as the forum would imply, I'm an REI newbie. Currently live in Denver, CO in a SFH my wife and I bought last year. We're looking to begin investing in Knoxville--where her family is--and I think I'd like to start with a STR so we can possibly generate a little cash flow, or at least cover costs and have our own place in Knox to visit family. We're thinking about a condo / townhome in west Knox around $200-250k. I recognize that we'd likely need property management since we're not local.

My questions - For those familiar with the market / STRs, is this a reasonable strategy? I understand that a permit is required to operate a STR in city of Knoxville, how tough is that process and would that apply to larger Knox county? Any other ideas / insights would be greatly appreciated!

Thanks! Go Vols!