When he missed his rent payment we gave him a notice to quit, he accused us of "entering his property without 24-hour notice", although I only knocked on his door and when he answered, handed him the notice. 

I'm also looking to get my hands on a good calculator for short term rentals since I'm terrible with Excel and only have a calculator for long term rentals that I know is missing sections that are specific to short term.Any help you can give me would be very much appreciated :) BiggerPockets has an Airbnb calculator, and I see that you're a pro member.Since you've read the STR book and done other education, you know HOW to pick a market lol.

Are there any other cons that I am missing for doing this?

As an analogy to real estate… by starting of with a couple of smaller deals you will be on a much better footing to know more of the ins and outs of doing real estate deals so you aren’t a novice when you get to the 20 unit deal where if you miss something you don’t end up like the Tesla driver with lots of enthusiasm but not a lot of practical experience and you get burned.All the best!

Will they institute the default rate over a technicality such as missing the completion date by a few months  or will they ignore the default rate because they see the reason for the delay wasn't entirely borrower's fault and borrower  has a plan of action to get the project on track?

The records of the closed title company MIGHT show how they handled the issue, but more likely they missed this issue otherwise as part of their solution a mortgage satisfaction document would have been recorded at that time. 4.

Your post is missing important pieces :) 

That kind of restriction just doesn’t work for someone like me.I’m trying to figure out if I might be missing something in how I’m approaching this or if others have insights or examples of towns that not only allow STRs but also have laws that offer enough flexibility to operate in the way I’m aiming for.Many towns technically permit STRs but impose restrictive rules like membership requirements, ownership duration limits, or rental day caps, making operations challenging.

Am I missing something? 

Unfortunately I had a bad inspector who missed a lot which made it about a $60K renovation instead of what I planned for which was $15K.