Seller is only required to do what is in the purchase agreement, so now is the right time to address that.

I know this will disappoint most BP forum readers who have been taught they can live behind a computer screen and make sound investment decisions based on zillow zestimates and the number of available rental units at any given time.

I don't know, but I've read half of your gross income will probably go into your expenses.

And depending on the state, gross negligence damages can include punitive damages for up to four times actual damages. 

In addition, this is unlikely to be worth the lawyers time to pursue in court.  

As a first time investor, I'm thinking to replicate those existing houses (with little bit of my touch) but wanted to ask what would be the pros and cons in terms of competing with existing STR's in the community?

Since you took one in one state, is it easier for the next time you get one?

I get that what you have looked into may take a little longer to install but you do it once with a long time in between replacing (hopefully), in my opinion, that's worth it.

At the end of his talk at an LA REI association meeting, he offered tickets to his $1997 live event at half off. 

This time I decided to make my own spreadsheet instead of using someone else's.