Lock-out, should they continue to not come even, would be typically less than 14-days.Unless the tenant comes even with the rent (which would result in dismissal of the non-payment of the case), there is generally limited defense to this process.

How would this be accounted for for general accounting and taxes?  

If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general.

In general, government will set the assessed value lower than market value at reassessment in order to neutralize appeals.

You can find something in Durham and parts of Raleigh, specifically zips 27610, 27603, and parts of 27604 that would meet your criteria, however generally speaking most of the inventory that would fit what you are looking for in Raleigh or Durham would likely be in neighborhoods that I personally wouldn't want to invest in, C- to D type neighborhoods.

The $100-$300/month amount is just a generalization - but the point is, on a monthly basis you don't see a huge income per property - and you also have to absorb repair expenses and such as well.   

A general range tends to be 85% to 100% covered.

However, I think there are some nuances to consider, especially for those still interested in STRs or real estate in general.1.

You do have to purchase at least as much real estate as your net sale if you want to defer all tax.TICS are generally cash deals. 

It's funny how you can fill your mind with education and then when the moment of truth comes and you have to decide it can feel paralyzing in some ways.Educating yourself is so important, and I think that the general education of listening to the podcast can serve as a great foundation.