Thanks for the advise, Nick.

@Chris Martin is the most logical advise I have seen for anyone looking to do this silly scam called first LEIN HELOC/ pay off you mortgage in 7-8 years.

Can anyone advise on how the market is doing with land for sale? 

I would advise purchasing now.

Owner-occupancy shall not be required if the owner is another governmental agency, land trust, or housing organization.I am not offering legal or investment advice or advising on how to hold title or manage assets.

With an STR you won't be in the property management business but will be in the customer service business.Expenses are higher and little things that don't matter with an LTR will matter a ton with an STR.My advise is to read as many books as you can and read thru this forum.Due to the explosive growth of STR in many markets it is a ton more competitive than a couple years ago.

Set expectations and advise them of the consequences.

Yesterday, I posted my standard notice on the front door advising the occupants that the place has been sold, to call me, and that if I don't hear back, I may initiate an unlawful detainer or if the place is vacant that I may change the locks, along with a copy of the deed.The property looks barely habitable (hot water heater is on the back porch (which looks like it's about to fall off its rotted post foundation), sheets of drywall and plywood out front, tons of beer cans and collection notices on the front door, and rotted siding/wood on one side of the house.

I was advised to have written tenant screening criteria.

Please advise.