Sounds like a rocking deal $5400 a month for a property you have under 400k in after reno? 

Maybe under the circumstances I should just go with a month to month lease to see how things work out.

Hello all,I currently have a 4-plex in Newburg under contract.

As long as that is not an issue for you I would proceed with getting it under contract.

@Franklyn Gutierrez This comes down to your desire for separation of your personal assets and that of your “business”.I’m for forming the LLC and purchasing the property under said LLC.

ALL that said they may be an example in the FlePlace under the tools tab above.

Back to the original posting, if this tenant has only been there a month, and can't come up with the rent, there are probably some underlying problems and a lack of financial discipline. 

You may want to research those before getting under contract in a transaction, if you haven't done so already.

I have a property under contract in MS.

As a LL in Wa I won’t offer an annual lease under any circumstances.