While I have found MTR tenants who stay a year, most start month to month and just happen to extend. 

@Clare Pitcher we do 12+ month leases to avoid vacancies Nov-Feb.If we take over an occupied property, evict or have tenancy-abandon a property, we first let the owner know finding a tenant will take longer than "normal".This opens up owners to understanding they may need to:1) Offer 3D tour and floor plans to stand out2) Price more aggressively or be prepared for aggressive price reductions3) Offer MoveIn Specials:- NOTE: we do NOT recommend offering a month of free rent that can be used at MoveIn.

I don't think we are going to be able to come up with $50K before they're going to need to move and no, definitely no family members able to gift $50K. 

Evaluate the situation to see if you could have done anything differently to mitigate the loss and implement changes to your processes, but know that this happens and hoepfully just not too close together. 

There are two types of return from a rental propertyCash Flow & Appreciation.I normally also aim for a minimum of 8% return between Cash-Flow and Appreciation.Appreication, nationally, is around 2% to 3% annually.Therefore, your goal is to get the cash-flow to be about 5% to 6%.The issue is interest rates being very high, you would therefore, need to buy at a pricepoint where the numbers still make sense.You can always put down more of a downpayment to cash flow, but that will impact your cash on cash return calculations.Best of luck!

For quick math I have a range of each between: 700/yr to 3% of gross income

@Dillon ClarkWelcome to BP!

I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands.

These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc).

I'm in a similar boat where its a month to month and the person was supposed to be out in June.