@Joey Bresette sure, this is how an ARM is commonly sold.  

@Christopher Lee to my knowledge this is not a common thing, it may be that being based somewhere else allows larger cases to be handled in courts in states more favorable to landlords, but most cases (if you have any) will not rise to that level and likely not be worth the additional fees of setting up and maintaining the structure. 

After listening to a lot of the BP and other podcasts about short term rentals over the last year, I’ve noticed avoiding/shutting down parties seems to be a common pain point for hosts in metro areas. 

I’m not a electrician but my common sense is that it’s illegal illegal code violation.

Don't get caught up in the BP theology of only buying homes with specific specs because some of those specs aren't common in older midwest areas but there's plenty of inventory that makes a good rental, rents fast, and is easy to sell when the time is needed.

Very common: they have no financial discipline and so never save any cash to make purchases.

This is a common question, and the answer is yes.

I would feel this would be a common topic that is covered from a local "guru" (it is here in Texas).  

Yes, it is common to ask for leases, ledgers, full applications packages during due diligence, should be part of your PA too (for next time).If you buy it, you can start from square one with applications, qualifying and new leases and you will be set. 

I’ve not had any FHA loans not go through because of a non conforming property because this is actually quite common with older neighborhoods.Example, I had 12 lots together and all were 40’ width.