It is smart in that you get the tenant to leave on the 15th which gives plenty of time to recondition and re-rent by the first.You would just have to make sure something like this is allowed in a lease in your jurisdiction.

If not with increased management fee you are looking closer to 60% to 65% cost and not 50% annually.Tenants not directly billed bu the water authority use about 30 to 35% more water monthly and do not report water leaks.If the tenants are not paying then you will have months of lost rent,damage to the units,and reconditioning costs.You need to pay close attention to the EXISTING tenant base going in.Run your own checks on them.The existing landlord might have just filled the building up to dump off crap tenants on someone else.The fact that this property has changed hands so frequently leads me to believe it has serious problems.People get think they get a deal and then want to jump off the burning ship quick before going down.Check title history chain and see if you can locate previous owners,their attorney etc. on documents.You can also look up if a previous corp bought it and the controlling officers.

Before you closed you should have analyzed how long this tenant has been there and payment history.If they pay on time and pay market rent and have been there a long time costs to recondition the property will be high and it will take awhile to get them out at the holidays with the court systems taking time off.I would just moniter it for a little while and see how things go.If it's a small dog usually you don't have to worry unless a bite history exists with animal control.If it's a big dog or aggressive breed you definitely want them out as you could be sued and held liable should you not take action and an incident happens.

Yes you can try to get another appraisal and see what happens.If they have lived there that long they have worn down the house some and if they left you would have re-conditioning costs before you could rent again.If it is possible and you can still make money I would sell now.Interest rates are at all time lows and the down payment is manageable.With the election coming we don't know the direction of where the housing industry is going.Lending money could get tighter and interest rates could rise even if values stay the same.If you tell the buyer they lose the option and to get out they will most likely do damage to the property.I would check too see if the buyers even have the ability to purchase right now.Have you seen evidence of the required down payment in a bank account and have you seen their credit report??

I tell tenants that pay partials I work with them as long as the late fee is paid and they are caught up in week 2 to 3.It's better for me than going a few months without rent and reconditioning the place.To be clear I DO NOT tell them it is okay to pay late each month NOR do I let the balance keep growing past what is owed for that current month.

It depends on what the tenant base is.Efficiencies and one units have a bunch of negatives.Turnover and reconditioning cost is high.Lenders upon refinance also do not like 100% 1 unit buildings.So it can be hard getting cash out after rehab with that unit mix.Also what happens is usually if someone fall son hard times with a2 bed they can get a roomate and stay.If the girlfriend gets pregnant they can convert the second bedroom that was an office back into a bedroom.If the girlfriend of wife gets pregnant a second time they can take the 1 bedroom and take out the one bed and put a bunk bed in.With 1 units unless it is an abnormally large space for a 1 bedroom most tenants will move to a 2 bedroom.I personally like 2 bedrooms unless you are talking college dorms or seniors that need a 1 bed or studio space.

Reconditioning or replacement of plumbing (including connecting to public water and/or sewer system), heating, air conditioning and electrical systems.

Features:3/2 with flex room (4th bedroom possible with frame out closet in large flex room)Large open concept living/kitchenNew roof (architectural shingles, 2017)A/C 7 years old (manufactured 2010)Front and back wooden deckSmall neighborhood, 7 minutes to uptownAcross the street from Elementary SchoolVaulted CeilingsOriginal Hardwoods in living areas and hallwaysFenced in yardStainless steel range and dishwasherWHAT IT NEEDSMaster bath remodel (there is a very accessibly crawl space, so this should be easy according to the contractors I've spoken with)Reconditioning of hardwoodsNew CarpetPaintRefrigeratorNew interior doorsMinor landscaping (one tree removal)ARV: $220,000Repairs: $20,000LIST: $175,000 What made you interested in investing in this type of deal?

Changed out joulsey windows, updated electrical, reconditioned storage structure in back of property.

Hardwood is great for rentals because of the durability so I'd sand/re-condition the existing floor (if it's in decent shape).