The very reason for a generic rule of thumb.LOL Thought Id post my expense averages over the years and remind folks that a 10% PM fee is way too low at least until occupied and stabilized.yes were I see the investors miss is that.. in many markets average tenant stays 18 months.. and hud will only allow one year leases so its not all that uncommon for HUD tenants to move a lot.. so every time that happens PM usually charges one month rent for placement. so you cant run numbers like your not going to pay placement fee's for 5 or 10 years you could pay those 5 to 10 times..  

Then contact city with those documents, as well as your lease that states this area is not for “living”.

It saves substantial $$ on flips and leasing. 

The property needs some repairs before I can rent it, and I’m in the process of having those repairs done.The insurance company is saying they need proof of a lease in the next 30 days or they will terminate the coverage.

Lease to purchase ?

Figure out how to make it work by writing a good lease. 

.- If you need to use the renal income to qualify, tenants will need to be in place with signed leases, security deposit made, etc.- HML often have a hard time giving the new lender an accurate "payoff statement" and verification of on-time payments to them (latter necessary because HML typically do not appear on credit), which can delay the refinance causing (surprise surprise) the HML to get another month and change of interest out of you at the crazy high interest rate.

For example, the arm of our business today offering the full services of a management company to just under 500 doors, utilizes online management software, owner/tenant portals, online tenant screening, advertising and applications, online PDF fillable leases, electronic signatures, walk through inspection apps, online maintenance coordination, lots of texting, etc.

What I have debated doing is offering to lease it out with the option to buy it in 9 months.

@Irina Belkofer I will do a 6 month lease, see how that goes.