Got this email from PM

[William Walker]

Yesterday I got the following email from my PM:

"Hope you are doing well and had a nice holiday. I wanted to let you know that the current tenants have moved out of the home as of yesterday. They bought a house in Oak Island. Due to this, we are going to be doing a lease fulfillment, finding someone else to take over the remainder of their lease (until August 13, 2017 or they can extend beyond that date to do a 12 month lease). The rent must stay the same as they will be taking over the current lease. The current tenants did have the home professionally cleaned and I am going over later today to do the move out inspection and then schedule the carpet cleaning (carpet cleaning is a tenant responsibility so I will be charging this back to them). On lease fulfillments, we do not do any turn work such as painting, major repairs, etc only cleaning and carpet cleaning. The new tenant takes the home basically ‘as is’. The current tenants signed an agreement to do this which also states that they are responsible for paying rent and all utilities and maintain the yard until the day before a new tenant moves into the home. They paid January rent yesterday so we are good there. The home will go back into advertising today and we will begin showing it to new prospective tenants. I will inform you and the tenant when I have secured a new approved tenant to take over the lease. There is nothing you need to do but I wanted to make you aware of the situation. Please let me know if you have any questions. Thanks so much!"

There are two main problems this presents to me the way I see it.  First is that if new tenants move in and decide to sign a new 12 month lease, I now have a property with a lease ending in the winter.  I was thinking of only letting the new tenants continue the current lease and then in June if they want to stay have them sign a new 12 month lease starting in June. 

The second area of worry for me is that the tenants are elderly and just purchased a house.  The have no incentive to continue paying on the rental if new tenants can't be found.  I doubt they care much about a hit on their credit score at the age of 90 and with a house.  I doubt they would stop paying based on previous interactions with them, but it's a possibility.

Does anyone have any experience with this type of thing and any advice is greatly appreciated!