* And most importantly, does it open us up to counter lawsuits? 

While there is no statutory holding period to qualify, it is important that you be able to demonstrate that your intent was to hold. 

Since the house is for sale, the most important concern is marketability.

There is no penalty for the tenant to end the lease at any time with a 30 day notice"...And the reason I did this is because it is very important to me, with small town circumstances and dynamics for my family in the town the rental is located in, that the tenant not be disrespectful or unfair in any way. 

Verifying last 2 years of rental history very important!

I want to share an experience ive had over the past few months with my newest multifamily purchase, and highlight the importance of being consistent, telling everybody what you do, and what you are looking for even when you dont feel ready.

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

Verifying last 2 years of rental history very important!

It's important to know what market rents are for what you are analyzing, many properties are super under rented and you have to get them to market rates. 

I would just go on VRBO (or similar) and look how people design their properties where it really matters (they are trying to rent to daily guests and design/amenities are super important.