Unless as stated above there is cheaper housing out in the country side.  

If you intend to vacate, the original lease agreement states you have to provide a 30 day written notice of your intent to vacate.

Hey there, NY Tri-State real estate investors!

Winter time is rough for renting especially in states like IL with rougher winters. 

With your goal of $40k/mo you're at upper fed bracket, plus any applicable state taxes. 

However, we want to make sure that we also find a good property manager in the area that is familiar with small multifamily rentals as we are located out of state.

I’m not sure how investors are managing their properties from a different state when it seems to be impossible to find a reliable good property management company in Cahokia, do you have any advice or suggestions on this?  

I currently live in Denver but am looking to move to a new state.

Quote from @Francisco Solano: I suggest you ask a business attorney in your state for this basic template.

If it hasn't been stated yet, how about an escrow type situation for the money?