@Dhruv Patel, deals are what YOU make of them NOT what is advertised. 1.

So I advertise and screen tenants through Zillow to start then migrate to Avail which is free.

@Henry Hsieh if you advertise for #3 you will have them coming out of the woodwork.

How are you advertising the rental?

., last month's rent free)), and someone starts an application at the old advertised higher rental rate + concession but then completes the application after the change (lower rate and no concession), is there a rule for which you must honor? 

I am working with investors in the area and assist with professional tenant placement services: marketing, advertising, showings, tenant screening, income verification, move-in inspection, and tenant coordination, I cover it all. 

Regardless, you will likely be adjusting the expense base to reflect the tax reassessment (which you can obtain from the local county), insurance (from your insurance broker quote), property management fee, and usual repair/maintenance expenses/admin/advertising/contract services/utilities.

So we have an efficiency of 5-to-1 ($5 rev for every $1 advertising/mktg).

I guess turnkey isn’t always fully turnkey as advertised.  

For the shoe store that would include things like your utilities, rent on your store, the salaries you pay your employees, bookkeeping, advertising, insurance, and probably lots of other stuff.