I also always keep my rent increases in line with the local market, so sometimes I'll have tenants threaten to leave sometimes, and once they do their research they realize that it wouldn't make sense at all to find another property and end up paying the same thing.

The tenants so good I even lease a new unit to end same day an old tenant leaves, they have 700 scores so no one does anything wrong. 

By the most important thing (if that's what you're doing) is to have a really good operator who knows the laws, has experience and is above board so they won't leave you high and dry. 

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

If they need access to the property immediately, you can offer to leave to them until you are ready to close. 

(the tenant is question was also leaving a hall window in apartments open in my case). 

If it was long term yeah you can make it clear upfront as a take it or leave it.

The concern would be improper language in the document leaving me without recourse if something goes wrong etc.

This will shine a light on the areas you have gaps.

So since they’ve been here for about a year, they have 60 days to leave?