Advice for soon to be landlord

[Aiden Harris]

Hey all first time poster/long time browser,

I'm closing next week on a shotgun (duplex @ $2600/month mortgage) next week. Each side is a 2bd/1ba, with full kitchen, in unit W&D, front porch & backyard. Really lovely place. I did this through the FHA program, did 3.5% down. I plan on owner occupying one-side to satisfy the fha requirement, and I have carry over tenants from the previous owner (Who are great!). They've verbally agreed to a rent increase to 1400 for their 2bd 1ba unit, and I've got the contract coming together for after closing.

The only hitch is they are in the market for a home, but they could not afford to buy the place they currently live in that I just bought. Real estate is pretty pricey here in New Orleans, and I suspect it won’t be a quick occurrence. But it isn’t possible they find a place in a month & close.

Basically, how do I mentally prepare myself for their potential moving? I wanted them to go long term but they seem more set on going month to month time being and agreeing to the rental increase (12%) to a monthly rent of $1400.

Side note: this property would cash flow if I was not occupying the other side. As market rate (based on comps) appears to be $1500 (appraisal stated) per unit.

Thanks in advanced for your time.