Second homes can be rented out as a STR with the rule being just under 6 months out of the year but again change of circumstance applies. 

Any tips or pointers to apply to make myself more "prepared" to be an investor would be great!

Tenants develop a shortlist by applying four filters, as illustrated below.Working with your team, translate your tenant pool's rent range, needs, location, and wants into a physical description of properties that will match.

Make sure it applies to your local area.As for multi-year leases, we've used two-year only leases for the past decade.  

How does this apply if the tenants violate the lease ?"

Also my PM mentioned no pets deterred people from applying too.

If that's the case, the property would be considered an owner occupied property and not an investment property from a value standpoint which means a CAP rate won't apply in this circumstance. 

If you’re residing in one space and renting out the other space, do you have to apply for an investment property loan or will a conventional loan work?

The only program that is remotely similar is one from Performance Equity Partners (PEP).Some of the manufacturers also offer home financing programs (although it applies to only homes they manufacture whereas 21st and PEP does not) and that includes the Revive program from CAVCO and another from Legacy Homes in Texas.

There is a lesson that is given about the Value of Gold which applies to the Value of a Single Family Home, based on Inflation over Time.