By the time they finish building it anyways the property values will have likely doubled at the rate we are going down here... and a new vacation home is never a bad thing lol

In the lease he is required to give a 30 day notice. to vacate the property.

I manage & operate vacation rentals in Chicago & Dallas.

A property that we can cash flow, and use as a vacation home.

Considerations we've heard/read about are: distance to primary residence, location of the property in comparison to the primary residence (ie, if we live by the beach and we buy a property by the beach, it's likely not our vacation or second home, whereas living inland and buying in downtown or by the beach could be a more likely second or vacation home), and minimum timeframes for owner occupancy (like 14 nights if we eventually choose to do STRs there).We live inland and if this does allow us to buy at a higher price point, we're open to looking in more tourist-y areas of the city.

The landlord was using the place as an STR before, and indicated that they got the vacation rental license.

If you are looking to repeat the house hacking process by vacating your house every year and also being able to use the rental income, you would want to make sure to get the lease fully executed and lease term would be minimum 12months.

If it is a SFR single family, Condo, or Townhome you can use a Vacation home type of loan and only have to put 10% down. 

I had a month to month tenant that vacated the premises with a 3 day notice via text message.

My biggest concern would be the location is not that interesting for a “vacation” per se.