I don't know of anyone actually suing for it, but there were no violations of the deed restriction anywhere in the community.That example is from PA and might not apply to your situation.

5) If the seller wants to rent another year or so after current lease is up, do I apply another nonrefundable deposit.

So this is my first application that has had a eviction on their record, its a couple that are applying together for a house. 

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or refund the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account designated explicitly for future investments.

Same rules apply to you as doubles, but across all your units that you don't live in. $500/year for EACH of the units you plan to STR. 2d.

I've read multiple bigger pockets books and have been part of a RE mastermind discussion group, so I feel I have a lot of theoretical knowledge, but I'm eager to apply that and truly learn from actual experience.

I applied for a rental loan as their Investor Select product looked compelling - it had a comparatively low 3.6% interest rate for investors with a W-2.

Does anyone have a suggestion as to how I should proceed/ how much time I should give them to “apply” before I provide them with a new lease to sign?

Some states have specific rules for buying, selling, or servicing mortgage notes that you must adhere to, even if you are out-of-state.3.Federal Regulations: While state regulations are the primary concern, be aware of any federal regulations that may apply, particularly if you are dealing with notes related to federally insured mortgages.4.

Things have changed over the last few years so do not be afraid to ask questions before you apply any learned principals.