Hi Dan, Refinancing at a lower LTV will make your monthly expense lower which helps your monthly cashflow but will also help you to secure a lower interest rate so that could be a good starting point for you. 

I would not necessarily give up the deposit (if you have one) until a move-out inspection is performed so that there is some security for damages caused to the property.

An example problem statement that I may have stated (and built the software for) in 2003, when I started investing full time: Build a tool for lead generation that collects county records from the county recorder's office (and property card data), finds the recent first mortgage defaults  from trustees websites or public filings for properties that are between 1000 and 1700 square feet, in a neighborhood of 90% like-kind properties with greater than 20 parcels, houses built after 1978, that can cash flow at current rates when fully leveraged. 

Is there power to the lot, is there public water or will you need to drill a well, if there is public water/sewer do you need to pay the tap fees, etc.

If you put in the input to search for properties and make offers, you will eventually secure a deal whether that's in 1 week, 1 month or 5 months.

if you were looking for security and stable tenants, waiting for a long-term may be your best option. 

We talked to the tenant and offered to help them market the unit for a sublease and in less than two weeks are securing the paperwork for a one year sub with no gap in rent payments. 

I agree with all of this HOWEVER I will say, if you have a unique product to offer to the market, you can attract even the highest quality tenants in the rougher areas, especially if they are secure properties that are close to downtown.

What security boxes or other solutions do you use to insure the rent is as secure as possible before taking it to the bank? 

It also states that any security deposit refunds owed will be made payable to all parties on the lease agreement.One tenant has stopped contacting the roommates and us, and we are not sure they are planning to return.