It's arguable more important to define the exit strategy when things are going well!

If they are unauthorized guests, then turn your property manager loose on them, repair the damage, and if necessary, bill the tenant that is on the lease for damages (sue if necessary).If these are squatters, then treat them as burglars.If you look up the definition of burglary, you'll find that generally, it's defined as the breaking and entering into a premise with the intent to commit a crime.My concern would be that your property manager is handling this like they would handle a tenant - in a "civil matter" as opposed to how they would handle a burglar - in a "criminal matter".It sounds to me like you don't have enough information to assess the situation.

Regardless, you may still want to have them sign actual leases with you at some point so that you can more clearly define the expectations for all parties involved.

One piece of advice for what its worth is to make sure you define your long term goals before buying your first property.

define your niche.

I will definately take that into consideration.  

If you do not there is no point in bothering to have defined standards.

You should probably consider exchanging if you intent to remain in real estate, but you must also make sure that any sale and subsequent 1031 Exchange puts you in a better position, which only you can define.  

While you mentioned numerous metrics for your ideal property, there is no purchase price defined.

A transient rental is defined as a rental under 30 days in term.