Depending on your exact Peoria location, the STR rates will vary somewhat as I live in the Peoria area also and it just doesn't offer all of the same amenities as one would find in Scottsdale or Tempe, although the lake isn't too far away. 

State laws vary on how much notice you must give month-to-month tenants.

You obviously got into the realestate game for a reason and even though the road is a little bit rough right now I think you should just take a deep breath refocus yourself and everything should be OK.

A good number will vary based on the current market and the size of your metro area.

Detroit is really a single family rental game. 

The owner is a lawyer who believes he has gamed the system by claiming much the same thing.

@Patrick Britton - as @Brandon Sturgill indicated it does vary by location. 

I have been told it would cost about $500 - 700 a year to maintain the license and MLS access, though it sounds like it varies depending on broker.

Down Payment of purchase price: 10% (I know this varies depending on how you're doing the deal but if this is a traditional bank loan, what are the average percentages asked to put down?)

When doing our first deal, we were on top of our due diligence game and it paid out tenfold.