One of the biggest advantages/skills that we all learned in the military is looking at the second and third-order of consequences (If I make this decision, it can result in x, which can then result in y).

@Daniel Y.   

Don't blow it.If you do decide not to renew, give her P-L-E-N-T-Y of notice (far beyond what is legally required) of non-renewal, so she can smoothly move out.

If the tenant made an agreement to pay xyz corporation and you tell him to pay parties x, y and z in separate checks I am not sure how that would hold up as an eviction when he only pay x.Set the rent up so he pays one entity and you all are paid from that account.

Things I learned in my first job that have continued to prove valuable today: underwriting, managerial accounting, private equity deal structures, what a side letter is, what investors want out of deals, what a K-1 is, why real estate is a valuable investment class, what asset allocation is, where to find tenants, what cam is, how to handle Capex items in sophisticated underwritings, loan docs and negotiating terms thereof, understanding a lease, what an estoppel is, what a phase one and phase two are, how to read a PCA, basics of land use and zoning...Oh and best of all, I got paid to learn all of this stuff.  

I am looking for Lease (Y/N), current rents, number of bedrooms of each unit, and sometimes I could even see the gross. 

Actually now I am a licensed CAM and manage HOA's so now I would know what to look for.I will never make this mistake again, and urge you to please read your documents and meeting minutes of past board meetings carefully.

@Dom Zebrowski, as well as the issues raised by @Evan Polaski, I query whether for an Investment Loan you'd get as good a deal as 3.5%/y Interest over 30 years. 

You have to check leases and make sure no cam leakage where you have cam stops on management above a certain percent that you can't pass on to the tenants etc.

For all the clients I'm advising on new purchases we're targeting 20% COC after all expenses, including my management fee.We are looking for turnkey SFRs with at least 3-bedrooms, and specifically shifting focus to more vacation-y areas, although there are still some attractive opportunities in and around Cleveland.