You have to communicate with the PM and see if it's justifiable.As for the late rent, I hope your PM has policies and procedures in place to deal with the non-paying tenant quickly, professionally, and efficiently.Do you need a new PM? 

Everyone's free to run their business the way they want but if you are screening tenants properly and have procedures in place to deal with problems, I see no justifiable need for M2M and one-year leases provide more stability and income.

:"No later than 21 calendar days after the tenant has vacated the premises, but not earlier than the time that either the landlord or the tenant provides a notice to terminate the tenancy under Section 1946 or 1946.1, Section 1161 of the Code of Civil Procedure, or not earlier than 60 calendar days prior to the expiration of a fixed-term lease, the landlord shall furnish the tenant, ...a copy of an itemized statement... and shall return any remaining portion of the security to the tenant."

in the long run. unless you know the procedures and prior experience with the right "Subs" it can make a 4-month job turn to a 9-month horror. and I think if you look into it a bit more you could get a better quote then $300 and have it done in 4 months without lifting a finger.

Sounds like Darwinism at its finest though..

Looks like you will have to start an eviction procedure. 

There will always be debt servicing costs which each type of funding.In using the drawn funds from a HELOC, you can follow the exact same procedure as your example #4..couldn't you?

However the form/procedure is quite confusing so I was wondering which of the below would be the better alternative:1.

Virtual networking at its finest. :) I am new to the real estate investing world but have learned a lot in a short period of time.

However the form/procedure is quite confusing so I was wondering which of the below would be the better alternative:1.