@Paul Tibok, technically only a lawyer can dictate the specific wording for you, or if you are using a Realtor that person can write it into the contract, although it doesn't have to be complicated at all. 

This will be dictated in how long it will take you to find a new tenant and the now 'tenant(s)' would be responsible for rent up to and including the start of the new lease however, I don't believe you can charge for anything that would have fallen outside of the lease in any instance.

Would the capital gains from selling an investment property held in a particular LLC be eligible for a 1031 exchange fund if it is applied to a down payment on a commercial development owned by same LLC that broke ground within the time limits dictated by this IRS programFor instance, if an office building is sold for 2M resulting in a 750k capital gain, could that 750k be earmarked and applied to help finance a 5M new commercial mixed-use development that is in planning stages by same LLC and set to break ground within the coming years.

The lease would dictate all of this, but I've found that tenants could use visual reminders as to the rules. apparently no one does this?

Unless market conditions dictate a lower rent for that unit, don't do it.

Cash flow, on the other hand, is much more easy to control and depend on, because a lot of it is dictated by choices you make, not on how the market behaves 5-10 years from now.At first blush, it seems like your current property could work for you both ways, but I noted that you said you'd net $500 without rental expenses.

We are building a house which will be done late this spring and are debating between selling and renting out our 2 family unit, but we don't want to have to pay taxes on the gains, how much taxes we would have to pay will dictate if we rent or sell.  

The contract will dictate what recourse you have with the buyer.

@Ryan Lam-  thanks -you will need a loan and  in order to get one - you will need  employment / income  ...once you have a job offer - you should be able to get a loan ...the income you earn and the previaling interest rates  will  dictate how much of a loan you can obtain - good luck

This will dictate your footings.