Assuming a standard lease agreement, and no particular tenant friendly legislative dictation, you can legally enforce the lease, but you need to make an effort to “mitigate” the loss by trying to release (in most jurisdictions). 

You'll have to discount your peak rate to make up for 0 reviews.

If so, is your financial position one in which you have other assets vulnerable to make up a shortfall in foreclosure?

Luckily, there is legislation moving forward to eliminate or reduce this "bottom of the barrel" business practice. 

Hire a PRO and make up for lost time! 

By the way, STR opens the door to huge tax benefits since the new tax legislation passed, so if you're a high-income W2 worker, you might explore that as well before settling on MTR exclusively. 

There are a bunch of legislation changes afoot for both STR licensing and LTR caps. 

A great deal if you have the $$$ to make up the difference between the sales price and what remains on the sellers loan amount. if you're assuming a loan for 600K but they're asking 800K then you have to come up with the 200K difference. 80%+ of my work is with veterans and active duty members and I know it is extremely difficult to find a second behind a VA loan ie you have to come up with the difference out of your pocket.

In my opinion, it is a way to make up revenue by the property manager who cut their commissions to get an annual contract with an owner.

STR operators have shifted to lowering nightly rates to increase occupancy rates, but they'll charge exorbitant cleaning fees to make up for the revenue in a "hide the ball" sort of way.