First time property owner and landlord

[Chris Allen]

Got my offer accepted for my very first property, which will be a house hack in a 4-plex. Current rents: A- Exp 2/29/20 $525, B- Vacant, C- Exp-7/31/19 (Will move into this unit), D- Long Term month-month $525. Budgeting about 4-5% for vacancy, repairs, and Cap-Ex. Unit B is currently being remodeled and the current owners are accepting applications for that unit at $550-595, I am trying to negotiate with them to either only lease it month-month or rent it for what I am wanting to charge rent for. A co-worker rents her units out for around $695 in the same neighborhood/same layout. 

Looking not only for advice on how to landlord/manage the property myself, what books to read, tools to use to collect rent, organize, etc.. but also any recommendations for increasing rents/structuring contracts up to where I am wanting them ($625-650). Should I keep month to month contracts, or push for yearly? 

[Terrell Garren]

My best advice, learned the hard way over 10 years - Use M2M leases.  You can deal with misbehaving tenants immediately, and the important thing is - they know it.  Long term leases only box the landlord in, tenants will leave when tenants need to leave.

Best,

Terrell