Off-market deals are key if you go this route, so networking is huge.Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving.

I took two business law courses in college. 

I think if you can nail that down you will be able to find a market easier.As a buy and hold investor some of the things that were important to me when deciding on a market were landlord tenant laws, price to rent ratio, housing demand, ability to build a team, large population 500K plus, multi-family availability and some other factors.take the process step by step and you will be fine. 

You have to prove you did everything right and then because of “empathy” for the poor snook who “fell into you schemes” you may lose anyway.This is a legally binding transaction that will be treated that way by the law.

Our laws require us to offer a rental first come first served (first completed application that qualifies must be offered the unit).

I also have a pretty good grasp on UCC law, which is why the  information that the "Bank of Banks" implies is of concern to me, and quite frankly, should be of concern to everyone.

If the tenants don’t leave by the deadline, your next step would be to check your state’s landlord-tenant laws to understand the eviction process.

I know that by law you can only do 3 STR (less than 30 days) per year.  

Would definitely check local zoning / code enforcement laws as well.  

Short answer: not legally, but they can get away with it.Long answer starts with a fundamental concept of our tax laws.