We also allow removal of a tenant from a lease as long as the tenant group is in good standing, and the remaining tenants qualify again based on their combined income. 

When I run the numbers based on these rents, the property operates at a negative cash flow.If I increase the studio's rent to $1,400 per month, the property becomes cash-flow positive.

They determine this based on a % of Fair Market Rent (FMR).

My partner is based out of Dallas and a lot of our clients are from the surrounding areas.

A quick google search of your state indicates the following regaridng timeline to give notice:30 daysFor tenants who have lived in the property for less than one year, or have a lease for less than one year60 daysFor tenants who have lived in the property for more than one year but less than two years, or have a lease for more than one year but less than two years90 daysFor tenants who have lived in the property for more than two years, or have a lease for at least two yearsI'd definitely touch base with an eviction attorney in your state to ensure you are not missing any steps and to have the attorney as a backup option in case the tenant does not vacate easily.

Hi Chris, there are several options you could consider, but it would all be based on your risk tolerance. 

Most turn key companies do have a West coast based marketing company sell their props.

Do you provide move in and move out reports How many pictures do you take of the property prior to tenant moves in and after the tenant moves outDo you get weekly reports when the property is vacant what prospective tenants are saying about your homeDo you provide monthly newsletters to your tenantsDo you hold investor education classes to help me become a better investorDo you have single point portfolio based management services?

I new based on the sellers situation that if I offered cash, close in 10 days, that it would be an enticing offer.

@Michael Darten  Most property management agreements have the monthly PM fees based upon a percentage of rents collected.