If the city were to, we would be liable for all of the rents and according to back of napkin calculations, we wouldn't have the cash flow to pay for even two weeks of everyone's rent and in about three months the city government would have no money and be bankrupt (no fire department, no 911, no power, no water, etc.). 

A little better than my quick napkin calculations. 

A good back of the napkin approximation is running at a 50% expense ratio, this is just an estimate so you could be able to run leaner or expenses could be higher.

@Brian Bagdasarian Did yall go to a real estate attorney or just hammered it out on a "napkin"?

For other leases, single month rent means the total amount of rent due under the anticipated length of the lease divided by the number of days in the anticipated length of the lease and then multiplied by thirty (30).(15) Substantially Equivalent Replacement Unit shall mean a dwelling unit which is decent, safe and sanitary, contains at least the same number of bedrooms and other living areas as the Displacement Dwelling Unit, and is available at a Substantially Similar Rental Rate within the neighborhood district of the Displacement Dwelling Unit.

There is no one that can make my Seller sign a single piece of paper because someone offered them $3.00 for 500 Million acres of land on a cocktail napkin (or some other contract that people like).Mass respect to both, but I disagree.

We can do some pack of the napkin math to change your cash flow number into a metric that has some more use. 

Back of the napkin, I can almost guarantee the cost won't make sense for the 'monthly savings'. 

You are obligated under certain circumstances to have the local Board of Health inspect and verify that the apartment meets State Sanitary Code and safety standards prior to renting it.

Hey @Kayla GrauFrom your numbers and a quick, back-of-the-napkin, calculation I am getting more in the $300-$400 range for cash flow.