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You asked a number of questions regarding living on the water, the amount of money you have to spend, and the fact that you are looking for somewhere that is somewhat gay-friendly. Except for the water question, I'd say you might actually like Memphis better. I have relatives there and out of all the cities in TN, Memphis is perhaps the most "gay-friendly", even though Nashville would be a very close 2nd.
It is also true that land on the water is exceptionally expensive. But with a million bucks,you should do ok. Many of the areas around the lakes are very rural. So if you are concerned about jobs, you might be looking at some long commutes. Most people also don't realize that almost all the "lakes" are actually man-made. Watts Bar serves to cool a nuclear plant. The rest are dams which get drained down annually to service the turbines, etc. So expect to be looking down into a craggy canyon for part of the year. Also- TVA owns most of the lakes. So if you want to build a dock, ramp... anything at all, then expect to shell out 10's of thousands of dollars to do so, most of which goes to TVA surveyors. The good thing about the lakes of the region is that they are all over the place. So even if you can't wake up and see water outside your window, you're seldom more than 15-20 minutes away if you choose to live a little further inland and pay a LOT less.
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