If it is not by an appreciable amount, you should stick with the existing tenants but have them re-sign a lease to make sure everything you want is covered.

I think you’ll be stuck covering the costs until lease end, unless you can work out some kind of deal. ($50 off rent, but you pay water usage that has averaged $40 the past 6 months).

When his tenants can't cover their part of the rent he pays them to do work on the next house or to mow lawns at his current properties. 

Personal property would cover things like your refrigerator.

Look at your rents and run scenarios for varying scale of market softness...can you still cover you expense?

Hey McKenzie, My Husband and I are looking for our 3rd and did a BRR for our 2nd... would you please send me some more details like location, pictures and I would be glad to share some of what we have learned and talk deal. 

To upload a picture to your profile (from desktop), go to the top navigation bar and click on the down arrow found in the upper right-hand corner.

I was just sent the insurance info that outlines what is covered but will have to get the bylaws from the association.

I thought this was my best option to get into real estate but listening to Uncle G , he says 16 units as a min for cover.

I can also send you links of my personal properties so you can see my VRBO listings with pictures and current bookings, prices and occupancy for yourself.