Quote from @Nitesh Chand: This is a question your property manager or realtor should be able to answer for you.Since the tenants have occupied for less than a year, I believe you have to give 60 days notice to the tenant before you can list the property.

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

I would also urge you to make sure you fully understand how they operate , A-Z (from how they make their profit to how many doors they are managing). 

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

These properties are often easier and more affordable to manage.

But what I will say is that he is a disastrous relationship manager.

Practical Tips for Managing PropertiesFinding Good Tenants: Screen thoroughly.

@Jay Hinrichs Long time man!

Check out the chart showing the fast rent growth and declining rent growth cities, which could help inform your decision on growth markets. 

2.What are the best and most cost-effective solutions for managing this potential long-term issue?