I tell people to be "aggressively patient and overly prepared".

If it doesn't work out and you lose your deposit, you should have learned a lot in the process, met a lot of people and are better prepared for the next deal to come your way.Anish

Just release them from the contract and offer to return the security deposit IF they vacate within a week, rent is paid up through the end of the month(October since you're giving them a week), and they leave it as clean and undamaged as you gave it to them.With only a month in it's likely you won't have much to do to prepare it again.Then fix your lease for next time.Brian

But be prepared to spend a bit more on your renovations, be prepared to compete favorably with shiny, new homes.

The damage is done and preparations must be made.

I'm not saying it can't be done but you have to be prepared to work two jobs.  

Made me more prepared and I also learned the business which can save you a whole lot of time and money.

@Ashley Cast, basically, if the money's not coming from your account, you NEED to know "other people" who DO have the necessary money, and are prepared to go into some sort of business DEAL with you.

In a very competitive market, I have to be prepared to put 3% to 5% EM down.

Be prepared for a ton of phone calls and "stop by's" in the process if you involve them in the front end