Some people refi when the rate improves by at least 0.5%, but this is also dependent on the loan size.

Depending on their reaction you move forward either allowing them time to move or evict them.If you want them as tenants then you will need to screen them if your regulations allow.

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

The size of the home.

This land is CBD and my neighbour has a approx 5000 sqft building on the same size parcel. 

I would still screen the tenants just like any other one. 

What size MTRs? 

I'm a bit over budget on those at the moment - looking for ways to bring those costs down though.Todd - Gross revenue for other similar sized units in the area are between $25,000 & $30,000. 

Vetting and screening vendors, ensuring your vendors are licensed and insured, maintain all necessary permits and licenses, maintaining appropriate insurance,  requiring vendors to list the deed holder as additional insured, execute contracts with indemnification clauses, being an active owner or have a PM who is actively checking on your properties to ensure there are no premises liability issues or property conditions that could lead to claims.

Quote from @Jeremy Burnheimer: There are six things required to classify a space as a legal bedroom:Minimum bedroom size: At least 70 square feet, but local code may require more.