My gut says the $200 to get out by the end of the month but I don't want any legal issues, I think he would agree to the 30 days but he not move out.

You cannot even apply for an STR permit on a single family home until after you've owned it for five years (and there is no guarantee you will get the permit).

The issue was a person sold their home subject 2 and the person who bought it stopped paying.

Quote from @Jason Burkart: Quote from @Linda Weygant: A few issues come into play on this.1. 

We went from buying light rehabs to buying major foundation and mold issues to make numbers work until even that did not work anymore.

Some people love that as the initial numbers look good, but probably over the long term they get tired of the common issues landlords face.It's not that hard typically to find a move in ready property, or even to find one that needs minor repairs, where you can capture the equity yourself vs the person selling it to you. 

They will issue an IRS Form 1099 in January, reporting your total taxable income to you and the IRS.

@Jesse Rivera I love the idea of it the only issue I'm currently facing is I would get negative cash flow renting out my current home  based on my current mortgage so it definitely isn't ideal 

Legal Implications & Ramifications : As an example; the iconic PCH homes in Malibu and many in the upper foothills might not permitted to build back, certainly not to the same extent or materials.

They just passed another conservation ordinance for rural, and if you want to even add an addition to your property within LG city limits you've got to cough up 10k for the general permit alone.