As far as smoking inside the unit I have had to send out a formal letter by certified return receipt mail to all my tenants notifying them of my 3 strike rule for smoking.

To stay on the right side of housing law, ensure you have all the standard, written, formal application criteria in place and uniform before leasing out any vacancy. 

Hi Jason,Here's a few things I'd be mindful of:Separate Personal and Business Finances - get an EIN, open business bank account and use it exclusively for businessMaintain Documentation - keep records of all business transactions and contractsComply with Legal Formalities and Tax Regulation - adhere to all state specific regulationsIn terms of the STR and LTR, it's generally recommended to put them under an LLC by transferring ownership or quitclaiming.

Ideally, you have the Seller/Seller's Agent send or deliver a brief notice to existing Tenants just prior to closing, as a formal introduction.

After spending a great deal of time and money on my formal & practical education, learning what works, & what doesn't work for me, in my market and in what cycle, costs me money & time.It is flawed logic to think that education that is "Free" is better or "under $500" is ideal, or even that because you spend big bucks with an "expert", it will buy you a higher level success faster.

It sounds like you "let them know" you want to sell but maybe have not formally served a 60-day notice to vacate.

Purchase price: $405,000 Cash invested: $35,000 2 Family - 1 unit is 2 bedroom and second unit is a 4 bedroom unit with formal dining room and 1.5 bath.

In Judicial foreclosures (mortgage), it will state something along the lines of "Under and by virtue of the power of sale contained in a certain Deed of Trust."

@Edward Acker I'm going to preface this with saying that I have a legal background in estate planning and asset protection, however, this is not specific legal advice, just my opinion.Keep in mind you should also adhere to all the corporate formalities (separate bank accounts, have an Operating Agreement--even if it's just you as the sole member, file annual/bi-annual filings). 

I've done AirBnB's for many years, but this is my first jump into the formal hotel ownership space, and I'm wondering what pitfalls others have seen that I may avoid.