Yeah, they TEACH that it does and oh sure you can file suit and try to enforce it - - meanwhile the seller closes and the new buyer take legal possession.

Your initial priority should be identifying markets where short term rentals are permitted AND in my opinion even more important,identifying markets that are both reliant on short term stays to support the local economy and possess barriers that prevent more traditional hotel operations from entering the market.

Im not being critical to hurt your feelings, I am simply trying to make you aware of the skills you need to possess in order to be successful in this business.

You may be able to find a local property manager that can make a recommendation.FWIW, if there is no in-place lease, you don't file an eviction, you file for possession. 

As long as things are the way they are, it's just going to get harder and harder for them to make any deal work, and easier and easier for mom-and-pop operators possessing even basic competencies to differentiate our product and associated services compared to theirs.

Many friends and family have done the build/buy and live for 2 years in the home then sell method, so that's in our list of possibilities as well.My main question revolves around whether there are any tax consequences that we need to think about when taking possession of the third home, as Stanley mentioned above, i.e. whether our development company has to sell it to us as a private couple, and whether we're allowed to give ourselves a lower price without adding a markup, or gross up.

LEASE CANCELLATION BEFORE POSSESSION: If TENANT requests that the lease be cancelled prior to move in, security deposit and any rents paid to LANDLORD shall be refunded, less the following: 33% if cancellation request is more than 30 days prior to lease start date, 50% if cancellation is between 10 and 30 days prior, and 100% if less than 10 days prior.

If things go south with a tenant, you normally just want possession of the unit back so you can get it generating income again. 

Since you don't plan on renting out any unit that you purchase, why not buy on the low end of the market and add value while you're in possession.

At the lease signing, the applicant brings the deposit and we sign the lease (tenant gets possession at lease signing).