You lock in your interest rate and if rates drop you can prepay at any time and refinance at a lower rate without penalty.If the deal is commercial, whether commercial multifamily (5+ units), office, industrial, self storage, hotel, you name it...the choice becomes far more difficult. 

Landlord had to move to a different state to have better access to healthcare, i.e. did not move by choice per se.

Some people prefer an electric dryer over gas and in some of our properties we have both gas and electric hook ups for dryers so they can have their choice.

There are more details here if interested.I will not tell anyone to do or not to, that is a choice that you will have to make and also it is a choice to work it or not, like any system.

Others are responsible with their budget and can stretch a dollar.If they are excellent renters, I would offer them the option to renew and let them make the choice.

From what I see all the people answering to me here (and there are so many) are just coming against and refusing to agree with my simple statement: "a landlord is not above the law or norms by its personal choice or presumed capability to judge what he don't know" or as well "a landlord cannot deny or miscarriage a service to a stranger without a known valid reason and at the same time pretend to be operating professionally or loyally to the moral"Basically I'm telling if you are not able to do your business correctly it would be better to find someone else than you, mainly when your ideas about "squatter" or fair treatment are coming from ignorance or completely invented. 

So they really had no choice IMHO....Welcome to the landlord world I guess.....makes ya wonder why we do this sometimes, huh?

@Rishika Garimella I am a local home inspector and investor in the area. i think Austin is a sleeping giant right now. the rates are really scaring away buyers. but since competition is so low right now, its a great time to snag some property while its not being ripped apart by investors. i think the hutto manor area is a great choice, once that freeway opens up that connects taylor to round rock, it will definitely become a point of interest.

What kind of resources do you recommend for finding a good first choice? 

You better reach out to them days before the auction and give them a simple choice: allow foreclosure sale  to occur or allow you to take it over from them, with equity justifying your purchase.