Everyone starts off with a 12 month lease, then they transition to month-to-month. 

You could offer a non-refundable payment of 3 month’s rent if you fail to close.

A clean way to handle this is to be transparent with the tenant early and give them options.

Both tenants are on month to month one unit is rented at about market rate and the other is a couple of hundred below market rates.

3. do we need to have a mid term or month to month lease put together and signed?

This advice applies mostly to 1–4 unit properties; larger commercial multifamily deals usually have more moving parts, and tenants there are less likely to all be on first-of-the-month leases.So why aim for mid-month?

@Micah Hughes Hey Micah,  Id love to connect. 

There is nothing wrong with have twice a month payments buy it should be written in the lease that way.

You may not get the feedback you want to hear, but you will get brutal feedback you might need to hear.I just rented one in NRH last month. 

I ended up connecting with a lawyer who has handled other issues for me and she said basically I waited too late in the month to start the eviction process and to sit tight as it seemed the tenant was actually moving out, but if they weren't out by designated day, circle back to start a formal eviction.What actually happened is that the tenant moved out on the date indicated and left some trash but the unit was generally clean and left in good shape.