At this point, I am planning to ask them to pay for the pet fee for the entire duration of their lease or vacate as it is a breach of contract.

Most resources say Schedule E however other resources say that if the average rental duration is less than 7 days then you need to report on Schedule C.

I have traveled to Detroit in the last two years more than ever destination in my life (I must take 2 flights, 7 hr and 3 hr duration each EVERY MONTH).

Depending on the property, they may be able to work with you to accommodate different lease term durations. 

I have each of my MTR tenants sign leases/rental agreements for the duration of their stay (typically 13 weeks).

After thinking about it, what I am looking to understand is if this equation is correct:Total Cost of Project (in cash) =  Purchase Loan Down payment + Loan Fees + Closing Costs + (Estimated Repairs + (Rehab Duration * (Expenses + Monthly Interest payment ))Is that correct?

@Rob Gillespie, here are my thoughts based on your response:Property Value: $16,000Sale Price: $19,000Down Payment: $3,000PV: $16,000Rate: 10.0%Duration: 120 PeriodsSeason for 19 periods (PV: $14,399) and put note up for sale.What are your thoughts on that?

I see that in Terms & Sales of property, it is mentioned that the property is Subject to the mortgage of  bank.Here is the research I have done on the property:In good school district and safe neighborhood.10 years old, which is relatively new.By going though the county records, I came across the property Appraisal price and came up with rough estimate of what the borrower might have paid off on the mortgage for the duration they are in the house, based on that I set up myself a maximum limit on the price I can buy the property for.If I am able to get the property for the price I am aiming for and keeping into account for miscellaneous expenses,  The property easily meets the 1% rule for Buy and Hold strategyApart from above mentioned points, Could anyone please throw some light if there is anything i need to find out about the property?

Have them include deposit amount, rent, lease duration, appliance ownership, adult tenant list.  

I typically just install a lockbox and get it changed a couple of times throughout the duration of the project in case that code gets released out to the wrong people...Before property is listed, code is changed again so if anything goes wrong, you know it was an agent rather than a contractor at fault.