If they are MTM you are free to increase or modify their lease terms.

One amazing tip for owners closing on rental properties in the fall/winter was to have the first tenant's term end/renew in June, so I can take advantage of the peak moving season.Therefore, it looks like I'll need to...Modify the first tenant's lease agreement to state that the lease would end on May 31st (or 6 mths from the date of the agreement if, for instance, I find the tenant in the middle of January)...... and also inform all prospective tenants, in advance, that the first lease will be 6 mths long but every successive lease term would be 1 yr long.Sound about right?

@Christopher Baustert You can edit or modify your post.

It will benefit you to do cost segregation if you are a real estate professional or you make less than $150,000 modified AGI and then you can offset your active income with your passive losses.

If you need to modify the agreement, you need to keep track of the notices/addendums and then over time interpreting the lease becomes messy because the agreement is actually the sum total of ALL of those documents over time.

I like to call this a nice safety net for those that our younger and looking to save but fear locking up all their capital. 2) Keep in mind to contribute directly to a Roth IRA, you need to be under the Modified Adjusted Gross Income (MAGI).

I designed it this way so it's easy to modify and for change orders, also it's easy for me to calculate my costs because workers compensation varies a lot in CA (7-57%).

What you're looking for is typically a Purchase and Sale agreement, Assignment contract, and a modified contract for double closings. 

Looking for a few people's opinion so i can modify or solidify mine.

@Deanna McCormickTaking your advice creates many more issues for the landlord and solves none-The lease cannot be modified unless all parties are in agreement including the tenant that vacated- The remaining tenant also has an undivided interest in the deposit .