From my POV.it really depends on asset class and tenant Class.. this is a huge distinction. my clients that I sold apartment complex to in Oregon with B class.. they pay 4% but then have to pay for on site manager as employee.. so 4% to manage the on site person so that person does not rip you off :).However for BP and I have to think the vast majority of the rental property investors on this site that have gone to  D C B out of state markets.. those props are not like a 600k rental in Denver and the tenant that comes with it.. or really any city with a A class tenant..

To clarify, the biggest distinction between a second home and a rental is the 10% down?

Here is an excerpt (edited slightly by me) from an Appellate Court case in Connecticut that discusses the test:"If an agreement is personal, it cannot be said to have run with the land and thus cannot have bound the future grantee....For purposes of the distinction between real covenants (running with the land, or touching and concerning the land) and personal covenants, a covenant may run with the land or may be a matter between only the purchaser and grantor.

A Comprehensive Guide to Homebuying, it's essential to be thorough and methodical to ensure you're making an informed decision but draw boundaries, it's okay to open built-in closets and kitchen cabinets to assess the property, However, respect the seller's privacy by not invading their personal space, such as medicine cabinets, storage boxes, or clothing drawers,Interior:Architectural style.Bedroom and bathroom count, size, and location.Closet and storage space.Number of floors.Sightlines and general floorplan.Appliance age and condition.Light switches and socket count.Plumbing and water pressure.Natural light and views.Noise levels.Stairway width and type.Porches and decks.Garage and parking capacity.Proximity to neighboring homes.Remodeling opportunities.Exterior:Roof and siding condition.Landscaping and outdoor maintenance needs.Additional Considerations:Take notes and photos during the tour.Use your five senses to assess the home's condition.Ask your real estate agent questions about the home's features, flaws, and market conditions.Red Flags:Overly scented rooms.Water stains and damage.Lack of maintenance.Foundation issues.Sagging ceiling.Fresh paint that may be covering up issues.Final Tips:Be prepared to make multiple offers before finding the right home at the right price.Stick to your budget when making an offer.Don't overlook potential red flags just because you love a home.

@Greg H.thanks for the feed back and the distinction between and automatic acceptance and the possibility of an acceptance - that is what I was missing.  

Perhaps the words "retroactive" and "reverse" are too similar for your mind to draw the distinction.

It was a mass hotelization of a place that really had a unique sense of place and not just the city but individual neighborhoods - Treme, Uptown, Garden District, Fauberg Marigny - all very distinct from one another. 

And also you and others identified benefits I am not realized before now.I'd say to first and foremost make that clear distinction that it's NOT an "investment" that it's you, or anyone, starting a Business. 

Quote from the article: "Texas cases don’t necessarily have a good and distinct and succinct definition of ‘squatter,’” said Adams.

That distinction is important for one very important reason, the asset decisions are being made by the owners (or a direct family member) which eliminates a layer of defense for all these decisions.