I would be wary of buying a home in a residential neighborhood in ABQ with the goal of having a STR: Only CA rivals NM in terms of economic governmental tampering.

I drew up a land agreement which stated that I allowed 30 days for buyer to pay rent or the contract could be terminated.

What should be my next step?

Well next time have your GC walk it.

If you did the either of the above, there doesn't seem to be much savings at all. 

The reality that neither view is realistic or probable.The best advice I can give would be to underwrite for long-term leases as that can be an acceptable exit strategy, but be prepared to execute well on your MTR strategy (great interior design along with profesisonal photos and concierge servive). 

I'm thrilled to be part of the BP community.

Put a tenant in place for 6-12 months, refi with a DSCR loan, and then you would be able to sell on a wrap.

Not sure, but there may be an exception to that if you are making the home your primary residence - but maybe not even then.

People post properties like you mentioned all day long.