All,It is my understanding that I can not use a 10% second home loan and put it in an LLC to reap the tax benefits if I STR the property most of the time. I am wondering if I create an LLC to use as a managment compan...

(Max vacated rents - your monthly mortgage payment) = +/- net cashflow.

I can that STR'S are definitely riskier than a LTR.Everyone needs a place to live, everyone doesn't need to go on vacation or travel.

https://www.houfy.com/help/vacation-rental-agreement-templat... 

Indeed, it's a numbers game, considering that you're not gonna live in the property.Of course, if you want to buy a vacation home or a short-term rental that you can use for yourself, it's another story as it wouldn't be a pure investment.

Keep the deposit. tell them directly they have to vacate before end of the month and maybe see if you can charge some early termination fee.

If they choose to leave, then I would give them no more than 60 days to vacate, clean the place up, and rent it for market rate.

I plan to use this line of credit to put down 20% on a property for a DSCR loan (DTI is too high for a vacation home/investment loan), and I do have about $20,000 of reserves saved up.

Looking into purchasing a vacation home and i just learned about different types of financing products and I'm curious what is the different between DSCR loan v second home/vacation home loan ? 

It's all dependent on state and city but where I live a 60 day notice to vacate is sufficient after purchasing, especially in leases where the wording is vague and mom&pop landlords were using Word document leases.