I've been thinking of increasing my tenants' rent so that it includes the water bill; however, they've been paying on time and I'm just not sure how they'll react once they see their rents go up: angry?

Funny how Feelings vs Facts make people react to things.

Like others have commented I’m not sure how that specific market is reacting to the  environment but have certainly heard that Arizona continues to be hot.

First I'd see how the market actually reacts to the recession.

I’m an Orange County native with some friends that do work in that area, let’s connect. 

The 5-year term without an option to extend would make me nervous. 5 years is both too far into the future to know what external or internal factors might look like, and too soon to be able to react in the event of something negative. 

See how he reacts and send him a 30-day if necessary.

Too many PMC's are really only sales people and only react to problems instead of planning ahead to avoid them.

Hey Jacob I'm a native to charlotte and a agent here I'd love to connect and see if we would be a good fit for each other! 

In a firestorm the decision time frames become a lot shorter than in good times, because you have to react to unpleasant things that pop up.Meaning they will have to just react vs having this downturn be part of a long range plan.