If this ONE party doesn't perform, then the other party is not held to the contract.Now, this doesn't mean that a seller won't allow it (either an EMD from a different entity, a late deposit, etc), but they wouldn't be obligated to allow it under the contract.Like most things good open communication usually takes care of this. 

Do you have a crew of people helping you clean, repair, and patch?

All IDs required upon booking ( yes, I have performed little facebook stalks) and best of all, I do not allow people to book who do not have more than 3, 5 star reviews (yes, that is okay to do) You can see their cleanliness and other characteristics rated by previous hosts. 3.)

Existing tenants are often a red flag--landlords rarely sell high-performing, low effort properties that have great tenants in place (why would they?).

I found a property that is 150 acres with 4 STR cabins that are performing well with huge room to expand.

@April L.My recommendations are to be working with multiple agents/brokers in an area to see who will be bringing the best deals, and who performs the best. 

We bought this house as part of a 1031 exchange from a non-performing quadplex we owned (don't buy MFH that aren't separately metered for water).

Where would I be able to buy non performing notes in FL?

Property management is an added expense but I believe it is a value add situation where the investment performs better over the long term because of our services. 

I also like how specific it can be for each property to see how it is performing.