Yes, that is fine however, I would be extremely careful doing this for your first time, you are over leveraging which is highly dangerous and places you in a very vulnerable position.2.

I feel it's a fine line when negotiating with someone that potentially is in a vulnerable position, and I don't want to take advantage of the situation. 

The length of the lease is up to you, as the property owner, but keep in mind new lease end date, for example an 18 month lease, may end at a time that makes your property more vulnerable to vacancy (i.e. student renters, etc.).

I was going to go to one of the Rich Dad seminars for Real Estate Investing just last month until I really learned more about what they are about and how their true business is preying of off those who are eager, in-experienced, and oftentimes vulnerable.

More cost effective, if someone time consuming, would be to change the most vulnerable pipe to high pressure PEX; I've seen demonstrations of PEX expanded absurdly beyond its size, with pressure and temperature, before busting.

Poaching is definitely off the table unless it's from a park that is going down in flames.  

“There is a complicated dynamic in Sacramento between escalating prices and tenants feeling vulnerable. … What I heard at the town hall was a lot about the problems with NIMBY-ism, but it’s a little more complicated than that.

@Megan Greathouse this was such and inspiring and vulnerable post.  

You are already stretching your budget and making yourself vulnerable to civil liabilities.

Or sub prime blow ups... landlords are very vulnerable to losing their properties and the bankers know it.