@Sarah Kensinger Good idea on narrowing down my ideal guest/customer like the book The Pumpkin Plan talks about.

Leveraging the insights of seasoned members can help you develop a realistic plan tailored to the region.

If the owner was responsible for the booking, and you are simply taking care of people as they are there (you mentioned that it is a BnB), AND your contract does not state any terms for canceling they probably can do whatever they want. 

@Allen BannisterBuying a property with a bad foundation needs careful thought.

I've been an investor and broker for the last 10 years in FL and NC, and specialize in the mountain regions, and beach regions because that's where most of the tourists, and investors who want getaways, invest (certainly there are many other interesting markets to invest however, booming wine country for example..)To add to it, I love the environmentally responsible home building, that's something I've had an interest in for a while, and I've worked with several contractors and architects in the last few years to come up with a useful plan for alternative and environmentally responsible building materials. 

Purchase price: $925,000 After lending support and insight on business planning and development for decades, I am in pursuit of my first acquisition.

Third, develop a property management model and plan to keep expenses low and revenue high. 

If it is not zoned for multifamily and the city has no plans to update that subdivision, you may want to chalk this up to an educational expense.

I live in NC, I'm 41, my wife is a high W2 earner, and we don't plan on touching this money for 12-15 years. 

You should be very careful using contracts obtained from strangers online.