Hi @Charlice ArnoldI have worked with a lot of banks in this space and the one thing I stress is communication.

I hope they offer atleast 10. 5 would be a huge risk because even though the plan is to cash out refinance 2-4 years post closing date and extend the loan… 5 adds a huge amount of stress.

It might not be a big deal to sell later if you want to do that and it could eliminate some of the stress of the timeline. 

We run a 53 acre ranch in the middle of Texas, and the stress of unexpected problems coming up with not enough time to resolve them (septic, water lines, other equipment malfunctions, adequate pool maintenance) between guests is too great.I'm aware there's money left on the table.

I have had more destruction and stress with tenants who have never even had a speeding ticket then I did with these two tenants who most people wouldn’t even consider them to be their tenants.Moral is, you can do all the background checks, credit checks, look at pay stubs and accounts till you think you found the golden tenant from heaven.

They don t depend on appreciation of a STVR for an investment return.

So you want to start searching asap once you get your property under contract to sell if not even earlier.And of course you want to work with a lawyer as there's plenty of paperwork and you don't want to miss the dots on any I's or crosses on any T's. 

@Richie Linnon if the unit needs renovation, which is likely with someone there that long, perhaps plan to give tenant 3-6 months’ notice as it will possibly be difficult and stressful for them to find something in their budget and they may need time to apply for and be accepted into assistance programs.

Quote from @D T.: Hello,I hear a lot of "legally valid" reasons one can ask/force a tenant to leave your rental in the county of Riverside, CA ( for example: "you don't need a reason, just give 60-day notice," "if you're having major construction done to the place like foundation issues," etc).

Yes, it has.https://www.biggerpockets.com/forums/51/topics/602045-pass-t...