If STRs become less profitable, you need to ensure the property can still generate positive cash flow with a traditional lease.

You pay $150,000 down and borrow $1.35 million from the second seller in a first position lien.

Tenant goes month to month and on December 15th give notice that they plan to leave by March 31st, 2025.   

My lawyer suggests in a situation like this that I give them a notice that I am the new owner and that as of a certain date they owe market rent of $X,XXX.

In previous threads I noticed that the vast majority of posters who believed subject to transactions were blankety bad identified as real estate brokers.

Without these replacement jobs, only lower-paying service sector positions will remain as area incomes fall due to the loss of higher-paying jobs, city services decline and crime increases.

I looked through some of your other posts and notice you spend a lot of time criticizing businesses. 

However, the landlord may not need to give notice if they don't have a history of accepting late rent." 

Honestly after I did my first deal I was in a similar position as you are.

Quote from @Kevin Bartel: Quote from @Wale Lawal: @Kevin BartelSince you're in a high-income, time-constrained position, passive investing is a strong option, but there are multiple paths depending on your goals.