Plan on renting by room to maximize cash flow.

I see that there is a 5 day grace period enforced by the Virginia Residential Landlord Tenant Act as well.

I had a contractor that I had to fire last month for a multitude of reasons (using my materials on his other job, extremely substandard work that has to be redone by someone else now, not paying his subs,  lying about work being completed that was not actually done, etc).

You can effectively convert it to a 15yr loan by making payments on the 15yr schedule, but still have option of making the minimum (lower) payment if cashflow gets tight. 

I am horrified by this overreach, and trying to figure out my best path forward.

My preference for providing value to others is by use of my brains and not my brawn...or lack there of. 

I also would read the book “how I flipped a distressed multi family property profitably” by so so.

However, RUBS is generally a contractual issue, and additionally, may be limited by local rent control. 

What is your opinion or experience by starting a tenant with a month-to-month lease instead of a full year term?

He is overbidding by an insane amount and still losing properties, usually to cash offers.I haven't done research into this for personal real estate purchases so looking for some pros/cons here from my idea.Can you take out a hard money loan to make a cash offer on a personal home.