Make sure you have a solid lease, your tenant knows your expectations, how are you going to screen them, etc.

Strategies include offering owner financing, allowing trade-ins, or providing lease options.

I also understand typically the lease is between the property owner and the tenants. 

Look into local rental demand—perhaps that area can support a short-term or mid-term rental strategy instead of a standard yearly lease, which might boost your income.

The Austin metro market is approaching that territory.Here are the full stats for Austin and the greater metro:On the rental front, a recent Redfin report placed Austin atop the list for the largest year-over-year decline in median rents among US metros:Appropriate rental pricing and high-quality marketing are vital to navigating the current leasing market effectively.

In NYS, you cannot just terminate their lease. 

I did my own lease agreement.

This could be a great way to get started as you'll be at the property everyday and by living in the property not only will you be there firsthand to oversee the work being done, but you may also find new potential issues while living there.If you're looking to do this, I'd recommend a 203k loan to purchase the property and get some rehab funds. you'll just need to live in the property for a year before being able to lease it out to a tenant.

The office space added represents a saving of $2500 a month I was going to pay in a lease for an offsite building for my expanding team and staff.

@Jae Yoo you should read your PM contract very thoroughly or even hire an attorney to do so, before thinking you can just break it.How would you feel if a tenant just broke their lease with you?