Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

To simplify the existing lease I thought about asking the tenant if they would be ok modifying the addendums to get rid of the resident benefit package and the building protection plan. 

And, the longer you wait to act, the longer the squatter stays - and even gains some legal protections to stay while your waiting on a slow court system to act on an eviction. 

we're trying to protect you and your family - hence the 'suspicion' =)

Some level of protection will almost certainly be provided as opposed to some sort of outright ban.  

Before this law, however, I only accepted applicants with "garnishable" income to help protect the landlord in the event we ended up with a defaulting tenant.

Now rural counties and can be a little different but like Jonathan says every market basically has their players..

I'm just starting out with a STR and I'm in the process of vetting companies for tax strategy and asset protection. 

Meet the players. 

The later is critical to protect your investment.