Ultimately, the real definition is whatever you and the tenant negotiate, within the bounds of your state's landlord-tenant laws.I prefer to think of it (and we document it as such) as a Mutual Termination of Lease.

Super interesting way to reduce downside risk and increase the value of an asset over time with rent increases within the bounds of rent control.

If you haven't found a new tenant after 30 days, notify the old tenant and then cut them loose.

@Christian NachtriebDon't loose the tub!

Run your credit score, tie up any loose ends, etc. 

I think they'll send a cease and desist if they review the case and I loose.

Again loose numbers based on some online calculators...but if we took on a $300k mortgage right now with 20% down and 30 years @ 4% on our next home and kept our current mortgage, our DTI would be 21%.

Lucky for me, the time is nearing where landlording and being a full-time REA this will be my full-time job, and I can no longer be the mid-20's landlord that runs things so loosely, so I've started to develop process documents.

Numbers are still good for now, just need to wrap up a few loose ends. 

I know that's not much, but it's better that loosing that amount each monthI know the BP way is always separate "Cap ex" (for instance) and other variable expenses from profit and as much as I believe in BP, I feel I can use my own mind for some decisions.