- The current tenants are said to be family friends to the owner and they do not have a written lease. 

Make sure you have cash reserves for 6 months , steady w2 job if things go south and do not plan unnecessary big ticket items until you stabilizeI have known people start with 40 k and used it to fund flips and work their way up and get Business Line Of Credit for 200 K in 2 years and after that of course it is very easy

The 10% is probably for ordering items and being there when goods arrive, unboxing and removal of packing materials, assembling any furniture that needs it, placement and moving things around, putting up artwork, and washing new plates, silverware, cooking pans, coffee carafe, prewashing all sheets, towels, and linens etc. 

She requested I end the lease early, but I told her we can start showing the house and if it rents I can terminate the lease when new tenant moves in.

Your tenant rents from you based on a rental period (ie. a yearly lease).  

I have a great general contractor and agent that tours the homes, does the work, and finishes up punch list items.

I accepted a prospective tenant's lease and deposit after doing due diligence.

@Devan Dorzok  Lots of potential items:- How many units? 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

They signed a three year lease, and occupy the house of their dreams.