You have to have a strategy to prevent these things...and I would think you don't always want to leave that to third party property management, that you want to do that yourself.Probably in most cases if you're just going a few times a year, and you're going in peak season, probably cheaper in the long run to rent hotel rooms or other STR vs buying one if that is your motivation.

@Carson CampbellThe lack of communication on their part is annoying, it the norm for a couple tenants I have though.

It works best in suburbs that allow the most unrelated parties and reasonably-priced homes such as Arvada and Lakewood. 

How can you ensure (in a contract) that both parties receive equitable stake in the property?

Both parties sign, both parties keep a copy, and life goes on.

A friend of mine wanted to host a big summer party for a large number of friends and had to cancel it when he found out he needed consent from all neighbors. 

Insurance means a 3rd party may pay out.  100% different things.  

@Andrew Cowles, a very good question.In my state, and your state may differ, the upset price is an "unofficial bid" by the moving party.

Hottest part is Northeast.

This is not always the case, particularly with sellers who have a lot of equity and can spread that out into installments.The wonderful thing about real estate is that there are a lot of different variables available to create deals that work for both parties.