When it comes to exit strategies, it is definitely a wise choice to choose a property where the LTR rental rate will at least break even for you; however, there are plenty of investors who take the risk of going all-in on the STR exit strategy when all other exits are not projected to be profitable.  

Maybe If I can break even.My question is - 1.

If there is no 'break in' and you didn't bother to change the locks - do you really want that potential liability. 

@Leon Lee -- do you have a closing cost estimate or something breaking down all the fees?

Some people do it the other way around, spending 20 minutes picking from the menu, then take the warm body that comes along as a tenant. 

For that that don't and collection efforts break down that is what the courts are for. 

@Joe Splitrock thank you for your clarification on the lease break, sounds like it hopefully will be a pretty cut and dry scenario as long as there was no communication between the property managment company and the tenants.

Realistically, you could knock out the getting licensed over a few weeks over a school break.

But if you're planning to stay on the property for 7+ years and plan to not doing any refinance, the closing fee is worth to be paid as the interest saving from refinance will break even with the closing fee in several years.

PS: I don't see how @Jonathan Klemm was advising anyone to break any laws.