Life is too short to have to put up with these kinds of people in this business, even though this may cause you a short-term interruption in revenue. 

Are you talking about permanent movers, or those on vacations of some sort, or people who are temporarily to be housed due to an emergency and then intend to move back to their old stomping grounds?

I’d like to know other people’s experiences so I don’t make the same mistake.  

While starting off with this strategy you could also be studying more about value-add options and start attending meetups in your area to get an idea of what other people are doing. 

In the past I have seen the FDIC telling people they will not be able to touch their money for 20 years in such instances.

I think people think of daily and even weekly rentals as truly transient renters, whereas monthly and annual rentals as being more resident based.That said I have seen 14 day minimums and 3 month minimums as well so while by and large monthly and annual terms are common they are not all inclusive.

My advice is to connect with right people.

As a CPA specializing in real estate taxes, I often get asked about the basics.

And I've seen people say the later is 6 months, not true because some 6 month periods have more than 180 days.

It's because most people don't understand how money works.