you fix the place up and rerent ASAP to mitigate damages. any damages are paid from security deposit and a statement as such is mailed out in compliance with your local regulations. then, if your new tenant does not come in until april, you bill old tenant for any days unit was vacant. assuming they paid march rent on time, if you rerent in march, you have to refund any days not vacant. you cannot collect double rent. in the meantime, tell tenant now that you understand his problems and want to do everything possible to keep it from negatively effecting him, however, he has signed a legally binding lease, and if he does not pay april rent, you will file for eviction, which will stay on his record for 7 years. his best option is to help you get a new tenant in there before april 1...no harm no foul. his next steps need to be cooperating with you so you can get handymen in there to assess damage and plan for turnover. tenant can also make sure everything is as clean as possible, as soon as possible. in no way shape or form should you let tenant repaint or even consider repairing anything. that should only be done by your people. honestly, he is only leaving one month early, and leaving mid month gives you more time to rehab and get somebody in there by april 1. if he left last day of april, you would most likely experience a one month vacancy. this may be a blessing in disguise, so use it to get someone in for april 1.

However, I recently had a binding contract on a house that's ordinally listed at 310K in great school district in the surbs.

The most likely scenario is that the roommates won't get along and one of them will leave, which puts the remaining tenant in a financial bind because they can't afford it.

People are cutting the fat, cutting their more challenging properties or deleveraging a bit while they have had a lot of growth in value.

This Agreement will inure to the benefit of and be binding upon the Parties and their permitted successors and assigns.35.

A lease binds the landlord for the duration of the lease, not the tenant.

I pointed out that they were legally filed with the City and a legally binding document that the other party agreed to be bound by when they purchased their unit.

We rent homes for an average of $700 a month -  that’s a fat $70 a month for the PM.

Everyone has their own agenda and could care less about you with the exception they the HML gets his money back and earns a fat profit from his short-term nearly illegal loan.

Little expenses here and there will quickly eat into your profit margin and turn a cash flowing property into a money pit (Like paying $25 per tenant to change from a legally binding lease into a new legally binding lease).