Stops the tenants toilets termites and trash !

To you, that's $150k/year passive income, for 20-30 years,...with no tenants, toilets or termites.

Being overly nice and gifting these particular tenants may work out fine but long term it will bite you big time at some point.  

I think you have some good info on the immediate entry and I like your wife's idea for longer term. It

The time period under consideration is also a key ingredient: your above post seems to implicitly assume an annual period - this is both a common and convenient window, but other durations may also be used.If a landlord choses not increase rent on a tenant at every opportunity that presents in the short term, it does not preclude an optimized performance of the property over the longer term.We have an instance right now where we have chosen not to charge market rent.  

If you find something awful like termite damage, etc, you repair it. 

Right now I am focusing on deferred maintenance issues  of repairing termite and dry rot and painting the public areas.

"Trying to help" people as a part of your core business structure as a buy and hold landlord will never work long term. It

The term "house hacking" is a BP term. It's

We only deal with termites or other wood destroying insects.