But if the area is popular enough, even residential may be a good use for the site.

If they are on a verbal agreement, then it is considered a month-to-month even though nothing is in writing.

Please let me know if anyone can assist. 

Even the single family homes on the island have the 30 day minimum though I believe. 

We would keep the rate close to what the banks are and may even keep it a bit lower to incentivize the buyer to not refinance.  

Especially since we've all heard of horror stories involving tearing everything apart to have it inspected, and re done.The other thing I have heard is "it will only be valued as a 2 bedroom 1 bathroom" even though the appraiser will physically see a 3rd bedroom and an additional 3/4 bathroom.

Even with a turnkey, I'd recommend doing your due diligence, getting a full inspection and sewer line scope and if possible physically walking the property yourself if OOS. 

Other things that are red flags for me: Their bios don't even mention how long they've been managing other people's money. 

So, I wouldn’t even know.

I'd be more than happy to assist.