Depends on the contract language, but under typical language the seller is obligated to the sale if all contract terms have been met, and the jilted buyer can usually get a legal block prohibiting the sale to another party.

Quote from @Austin Lukes: Quote from @John Mason: From another post from this forumClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

While I'm not a legal expert, in Illinois, landlords typically have the right to serve a 5-day notice for unpaid rent.I had a friend who faced a similar situation with a tenant who was a traveling professional.

Regs can run the gamut:  STR licenses are unlimited and available immediately with no restrictions, STRs can only be rented so many nights/ stays a year, STRs can only be in designated areas, the number of STRs are capped and there is a waitlist for a license.As others have mentioned, typically an unregulated STR will have more revenue than a LTR, but it will require more consistent work and effort.  

The key issue here is that K-1 losses from real estate activities are typically considered "passive losses" for tax purposes.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

@Colton Kotylo, typically the answer is yes unless you hire another buyer's agent. if you hire a new buyer's agent to represent you then you only have to pay the new agent. 

Typically, first time buyer programs are saved for those who are going to occupy the property, not investors.

I used to live in Lake County and worked on a project in Grass Valley so I would drive highway 20 frequently. 

I'm not sure yours is over zealous, maybe merely typical.