Figure out what market rents are, draft a month to month lease that details everything you want them to know (late fees, when rent is due, where they can park, if you allow pets, smoking, water beds, etc.)Once you have closed on the property, go to their unit and introduce yourself as the new owner.

But, if you fence it and allow a wide variety of pets, you may have an interesting niche.You may be able to get great cash flow, but you are probably going to have to work for it.  

Would you pay when they call about adding a pet, a roommate, a roommate is moving out, they want to leave their lease early, the gardener didn't show up, etc  The list goes on an on.  

It’s no different than a mischievous pet that habitually poops on the carpet

Yep, we offer coverage for tenant skips, insufficient deposit, mold, bed bugs, pet damage, evictions...

One month's rent and pet security (which is equal to one months rent) was given to me at lease signing and all four are asking the pet security be given to the two that are leaving, as their money back for deposit.

Until it is a registered trained service dog it is only a pet and would not qualify and a pet fee should be charged.

You need to get on that insurance thing ASAP, especially if they have pets (like dogs).  

Most people here want a yard, pets, garage, etc.  

@Christine Swaidan couple of questions; did they have the pet illegally, did you have a pet deposit or pet fee, do you have an automatic carpet cleaning fee in your lease?