If a landlord plans to hold the property for a while, we always recommend an annual lease, ending to align with the summer leading lesson, or staggered with their other leases depending on the situation.  

DOM nationwide isn't really terribly useful; in extreme situations we will already know the national economic situation.

Complicated post and I realize this might be more geared to a CPA, but figured I would try here and see if anyone else has come across a similar situation.

Unfortunately, some renters will say anything—even things that make no sense in an alternate universe—to avoid responsibility or financial consequences.

When it was all said and done, our bad tenant cost us over $30k.The financial hit was certainly tough, but there was also the feeling that we had no control over the situation.

Quote from @Josh Lansberry: You will hear a lot of people bad-mouth him, but Dave Ramsey can teach you how to get financially savvy real quick.

If you've been in similar situation, have you found it brings an issue down the road with future tenants or current?

We're often helping each other problem solve our listings or helping with specific situations that are occurring at our properties.

Basically they'll come up with reasons as to why the "guarantee" doesn't apply to your situation. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.