Relinquishment of the right to occupy may be implied by actions such as the tenant’s return of the keys to the dwelling unit;(b)After the expiration date of an outstanding termination of tenancy notice or the end of a term tenancy, the landlord reasonably believes under all the circumstances that the tenant has relinquished or no longer claims the right to occupy the dwelling unit to the exclusion of others; or(c)The landlord reasonably knows of the tenant’s abandonment of the dwelling unit. [1995 c.559 §9; 1999 c.603 §8]

And meets the standard of a couple or case rulings which used the phrases - two calendar years, and two tax years.It's all going to be about the individual circumstances and how they can demonstrate their initial intent if ever questioned.

From there you are entering into an agreement with a landlord who is fully aware of your intention, as well as adding an addendum to the lease that leaves you the ability to break the lease should an unforeseen event sideline your business (not to mention that you could just sublease it to someone else if it really came to it).

They are closing on the property in several days and unfortunately their contractor has dropped out due to unforeseen circumstances.

Let them know what's going on, even if it is an unforeseen problem.

One thing that we wanted to understand more is the below listed section from the following document:https://www.chicago.gov/content/dam/city/depts/bacp/Small%20Business%20Center/Vacation_Rental_Fact_Sheet-05-31-17.pdfThe part that talks about the Commissioner’s Adjustment, is this adjustment needed for each property that we own and plan to convert to a short term rental, and is it needed even after a house falls under the correct zoning laws and the property is one of the three circumstances listed?

The great thing is that RE, if you buy right is pretty forgiving, even if you make a few mistakes and step on some unforeseen landmines due to inexperience along the way.

@Austin EberleThere is no-proration other than a sale due to change of employment, health reasons or unforeseen circumstances.

On January 5th, barring any unforeseen issues, i'll officially close on my first real estate investment property!

I can't think of a scenario where anyone would feel comfortable putting down non refundable EMD of 25-50% without an option contract in place.To put it into perspective:The average sales price of a home in the US is roughly $375,000That means a potential homeowner would need to inspect the property (without any equitable interest), deposit $93,000 - $187,500 EMD (non refundable), and pray that there are no missed items on the inspection and/or no unforeseen life circumstances that would force them to default.