I've heard of it in stories, but even in those cases I've heard the lender allowed them to transfer ownership back to their personal name, no harm no foul.  99% of the time they never realize a non-sale change in ownership and never check, or perhaps they just never care because the payments are still coming on time every month. 

Regardless of the offenders age, it is Guaranteed they know others with similar Bad Habits, so get rid of them.

I would first acquire the property, introduce yourself to the tenants and get to know their habits and how they pay and take care of the place. 

The more accounts that a Client requests us to make payments on, the easier year tax prep is for them...everything is on the December report, all they need to do is keep their monthly reports together for the invoice copies.Although I have fallen out of the habit in recent years, in the past, at end of year, I would also work up some stats on comparable sales and provide a brief discussion of trends for sales and rentals with estimated current ranges for each.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

You have the responsibilty of "habitability", but make them pay or everything else.

In keeping with my habit of “do some research, write a post,” I’ve been looking into short and mid-term rentals as compared with a more “normal” long term rental. 

Being biased about where you live can harm you big times.I can help you find better locations and top properties for house hacking (for free of course).

However, I want to develop a habit to set aside money for property manager in case I can not manage the property anymore.

A lot of landlords have a bad habit of renting to the first person that passes a couple of their screening requirements because all they see is dollar signs.