Offer to let them out early if they find something else, but make it clear (in writing) that they will not be offered a renewal and must be out no later than the termination date.

As well, we utilize the repairs and capitol improvement for write-offs.

Would I be able to write off a loss of $2,400 and carry that over to my personal taxes?

Should I write him a letter or should I first check to see if I can afford the home?

side by side townhome style etc? 

A $2k judgment is a lot easier to write over than a $20MM judgment.

In other words, you want them to agree in writing they will be out by X date. - Tenant pays monthly rent up until new tenant takes occupancy.

It triggers "fear of loss" in a persons brain which is what causes them to write offers.

I read I have to give tenants 30 days notice to decide whether or not they would like to resign for another year..Questions being, should I write up temporary month to month leases at their current rates until they decide, just so we have something legally binding us?

Mortgage debt is usually cheaper and you get to write off the interest payments.I'm curious why you think your debt is "limiting your investing power"?