The short of it is, if I wait 6 to 8 weeks, I'm out probably at least 3-5k.

It's a short drive to Richmond (30 mins) and a lot of people commute.   

At that point if you purchased the property to flip it the cost of renovations, repairs, apoliances, etc... would be capitalized as WIP inventory and then recognized as cost of sales once the property is sold.If you are not a real estate professional and you aren't actively flipping multiple properties per year (specific number is a gray area) then you would still have long term or short term capital gains.

Am generally not a fan of inheriting tenants and if I do, I prefer that my lease be implemented, but clearl y that is not always realistic.Thank you though for this suggestion and I am going to try to see if working it from your suggested angle will work here in Colorado.In the end, I want to set up a lease that does not have holes, that an attorney, God forbid we ever have to evict (though these tenants do not seem like the type to cause any issues and I generally am a good landlord and stay away as long as you are following policy, so thus having a detailed lease that covers most all and then just backing off.My inspections are generally once a year, outside of the move-in, move out.I also stay very engaged in the running of my property, thus self-managing as in the end, I strive to provide a place I would enjoy living and I actually live on one of my properties.Long story short, don’t care for the very vague lease that the current property management company has running.Additionally I have little confidence in the way they were managing the property.The property has so much potential but has clear signs of neglect and I intend to change that as I never simply abandon my properties.On the question of current lease, I have combed through it repeatedly and do not see any mention of what happens at lease expiration only what happens when tenants are seeking to terminate their lease, “30-day written notice required”.No stipulation on what is required of landlord at end of lease and/or automatic renewal, both items that I cover in my lease and another reason, why am not a big fan of the existing lease.Leaves out a lot.I prefer having systems in place where there is little chance of misunderstanding, so thus the nerves on this one, but I will get through, thanks to you all for all your great advice!

Just because it's not the right long term answer for you, and might not be the right short term answer for you either, especially with 60+ rental houses (well done by the way!!!)

They didn’t use a comp 2 short blocks away that sold for 175k with a more similar lot with a large garage.

Because of this my short term summer returns rival the winter returns. 

In short the "Teacher" saught legal counsel, the "Wholesaler" didn't.

I'd like to know if any of the other investors out there mind sharing their experiences with short term rentals in the KC area, specifically in Midtown near Hyde Park/Westport.

I actively invest in short term rentals we took a different approach to it and tested it with our least likely to succeed property and have more than doubled our monthly income.