@Christian Whitehead the lease terms will dictate, so read them carefully...and your state landlord-tenant laws will specify what to do....looks like you have a few city ordinances as well...so review those as well.In general, if they are truly month to month...you, as the property owner can simply elect to not renew the lease...I typically give 30-60 days and if it may turn ugly, offer cash for keys...$500 to the tenant after they are out and the unit is clean.Good luck! 

Say if the lender only were to finance 70% of the After Repair Value, having a lower ARV might suddenly dictate that you put some of your own money into the deal.

Your answer dictates your decision now. 

DF/SAFE has all sorts of different rules for who you are and how you do business that dictate the absolute number.

Is this dictated by law or just the industry standard?? 

@YiBing T.The paperwork will dictate the outcome.

You will need to be very careful though as the areas vary, not only by blocks but actually street by street.What your looking to spend and your safety level will dictate more of what areas to look into.   

As for being a landlord, knowing what kind of investor you want to be can help dictate how/ where you want to invest. 

If you wanted to get really freaky, you could try to come up with an equation dictating the outdoor temperature at which the furnace kicks in based on the ratio of natural gas prices to electricity prices, taking into consideration the variation in efficiency of the heat pump relative to temperatures(but that would be pretty challenging!

Be sure to use the OK language for when rent is late, late fees and other rules that are often dictated by state law.