Changes to local landlord/tenant laws and new situations involving tenants lead to these annual updates.

Considering your situation, it can be wise to keep your 9-5 job while you develop your real estate knowledge and network.

You can enforce either notice so you may not need to wait the full 90 days in this situation.

But because he raised rents each year, and rents were increasing by ridiculous rates, tenants constantly moved, had to sell the property at a loss several years later due to constant vacancies.Finally, the most interesting situation I ran across was a tenant, a 93 year old tenant paying rent on a 2BR apartment for $90/month.

Inventory situation is another key element.

@Andrew Syrios, I also like Texas in this situation.  

- What are the pros and cons to each of the above situations?

I'm fine with what I paid him for the work he's already completed, but would just like to hear from him that he's done with the job or what the situation is.

It is my belief your current situation is not a bad position (it is a goid position that will improve with time).  

It can be done but each situation is specific and would be underwritten to see the risk and what the exit strategy is. thats the key with shorter term loans - understanding what the borrowers exit is.