(I know that a water leak destroyed one of the bathrooms while it was vacant.) 

Basically, if someone destroys your property, you are S.O.L.

I have too many horror stories I could tell but the main point is that when a PM is involved communication must flow in one direction; throwing the owner in the mix destroys that and opens both owner and PM to significant liability.

If he doesn't want to sign early cancellation, I'll hand over my 30 day termination notice.Otherwise I'll get in touch with his lawyer and do the same.Bad timing thing is that I have a potential lead on someone else interested in a shorter term lease that might be perfect for that unit, which would at least keep the cash flowing on that address while I work on the rehab of the other unit in that house for my BRRRR strategy here.However this plays out, as long as he doesn't manage to tie the thing up and get in the unit after he gets out only to destroy it, it's a great learning experience.  

I've read too many horror stories on the forums about "professional renters"  who have figured out the system and manipulate it for months of free rent and destroy your home in the process.  

If you go in and see that not only does it need 2 new kitchens, the foundation is shot, all the bathrooms are destroyed, the roof needs to be done...

Vacancies, late rent, repairs, tenants destroying property, maintenance expenses, &evictionsI will make you an offer to buy your home AS-IS.

I never recommend you "jump in with both feet" without some serious guidance because you may just be jumping into something that can destroy your financially.  

I just don't want to put too many high end amenities in the house just for value purposes to have it later destroyed by renters.

We don't want to appear to be discriminatory towards tenants with dogs, however, I have personally experienced my dog destroying the carpet by the door and damage the trim around the door and we don't want this to happen in a newly rehabbed unit.