The contractor also committed to informing me and getting my approval for any cost changes during the project.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

While a lot of STRs, and properties in general, can work as an MTR, really nailing down who you'd like to serve can absolutely help guide your purchase decision on your next property. 

I finalized the property on May 3rd and they told me they already have a tenant ready to move in (they did not take my approval or anything or even informed me their background).

Depending on how much you need to raise the rents to market, the other updates in the building that are needed, how quickly you can rent to market rents will all drive your decision.

I just was informed that my wife’s cousin may be interested in the property once her current house sells.

Gray area interpretation up to individual courts which have rendered seemingly contradictory decisions.  

Joseph, can you give us more information?

Feel free to reach out and I'll share their information. 

Alternatively, some purchasers want to control the process in return for more certainty.For a non-delegated correspondent loan, the loan purchaser will get involved and direct all processing decisions.