With rent increases I always give notice first, ideally 60 days, but at least 30.

The building would ideally consist of apartments on the second and third floor with commercial space(s) on the first. 

That's amazing that your tenants cover your PITI, we're just looking to decrease our housing expenses, but getting rid of them altogether would obviously be ideal. 

In my ideal world this house would sit until spring, and then they would come to the negotiating table with a more realistic price in mind. 

And that's why you can manage to get great return on you investment even if conditions are not ideal (i.e. cash neutral property where bank debt is still being paid down). 

Said differently:  you want to be at $1k/mo rent but ideally >$1100/mo, working income backwards to need semi skilled workers to afford that rental. 

I got their ideal price and cash price.

Also, you might ask this otherwise ideal tenant to refer people to you.

Ideally it would be a live-in flip since I am currently renting for another 10 months and I can do most of the work myself...I am analyzing deals so when the time comes I can have something lined up to move into when my lease ends.

Also, you don't technically need to hit the 8% starting day one (although that is ideal).