Typically a worthwhile real estate broker will save you time through efficiency and add at least equivalent value in actual dollars through effectiveness.  

Doubling up on deposits or requiring larger deposits might weed out some of the riskier tenants upfront, though it's not always a foolproof solution, especially in markets where affordable housing is tight.Regarding your point about double security deposits, you're absolutely right-this can be an effective strategy.

Hi Michael,Your qualifying script is strong, but a few tweaks could make it even more effective.

In 2020, I added wholetails, novations, and double closes to my toolkit, which allowed us to consistently achieve higher profits and scale our operations effectively.

This could result in higher quality tenants sooner and keeping them longer, all which have more than quantifiable effects. 

Should I send a notice out to my current tenants that their rent would be raised to $1400/m effective Nov/Dec 1st and if they can’t do it that they would need to leave by then? 

Using a service to report rent debts to Credit Bureaus can be very effective at recovering those debts because it can impact their credit report and score for years to come, typically 6-7 years depending on location. 

For analyzing properties, BiggerPockets, DealCheck, and Roofstock are great tools to evaluate cash flow, ROI, and cap rates effectively.

Renters:A-Class: Ideally 90% or more homeowners.B-Class: 50% homeowners and 50% renters.C-Class: Predominantly renters.Land Value:In A-Class areas, land should be worth rebuilding and upgrading.In B-Class areas, rebuild as-is if the property were destroyed.In C-Class areas, it might be better to sell the land if it’s not cost-effective to rebuild.Crime Rates:Use resources like Trulia.com to gauge crime levels.

With this approach, you can truly be passive - effectively hiring an asset manager to deal with finding a quality property, hiring contractors to do the work and hiring property managers to handle the tenants.