Due to taxes, the up and down nature of stocks and also out of a desire to actually own something real and tangible, I decided to invest in real estate.

If the lease says 72 hours then they are in violation and in most states you are required to give the tenants notice and x amount of time to correct the situation prior to eviction. 

Complicating this issue is the need to do a 10-31 due to stepped up value/capital gains tax on half of the land.  

Rental property owners, did you know you can deduct expenses like mortgage interest, property tax, operating expenses, depreciation, and repairs?

Hi,I am budgeting for the basics for my NOI (and taxes, insurance too):1.

The requirement to defer all tax is simply to purchase at least as much as your net sale (in your case 50% of the net sale of the entire property). 

In your situation, that could mean significant differences for eventual income taxes.

What would be the best way to do this for tax purposes, liability, and breaks? 

I recommend seeking out a mentor prior to joining a brokerage if you can.

Option one would be to assign the unwanted contract prior to closing and collect difference between the contract price I have and agreed to sales price with the assigned buyer and retain the desired property.