This is a bad application of the law if this is suggested. 2) Some people say 27.5 years and some say 39 year depreciation - look to the average period of stay in your STR. 

What kind of hold period do you need to achieve the 16% IRR  while you are earning the 7% monthly rate?  

We accept cash, credit, check at any time of the month, for any period of time.  

You don't have a grace period in that lease and I don't believe PA requires a grace period.

Here's an overview of the periods they should consider:Monthly Leases - 15 days of notice.Leases That Last a Year or Less - 15 days of notice.Leases Without a Specified Period - 15 days of notice.Leases That Last Over a Year - 30 days of notice.If you've met the requirement of giving notice, then you can legally require them to leave by a specific date/time and change the locks the second they are out.

Almost all contracts have a due diligence period, are subject to financing, subject to inspection report, and anything else the buyer or his attorney can throw in.  

Distressed homes are hard to find, and I am learning that I don't have the fortitude to withstand the rehab process.My goal continues to be finding residential and commercial (office/conference space) property for rental purposes over a one- to five-year period.

Maybe I do 2 months, and then have the 3rd month broken up over a period of time. 

I'm looking to see what others ask in terms of programs the tenant is on, details of voucher, waiting/inspection periods or any other pertinent questions?

And the sooner you can offset the income, the more value you get - period (because the money is always worth more today than it will be in the future).