I informed them that their contract states they are expected to pay up until the end of the agreement regardless of living their or not. 

@Hitanshu ShahDon’t expect to recover losses—it’s usually not worth the time or cost.

You didn’t pull the plug when you found out it was 20% more than expected?

I expect that means it needs to be 15 years or more.

As of this morning, WSJ Prime is 7.75%, so I would expect the rate to be over 8% at the very least.

Let me know if you need any tips on working with contractors or setting expectations.

@Jared FisherRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Better tenants expect better and treat the property so.

I focused on high-impact renovations that aligned with the expectations of Hamptons buyers.

I expect to get $2,200 a month for rent and will manage it myself.