My current tenants have a lease until August 31, but they plan to move out and return the keys by August 15.

My plan to purchase a home wouldn't be the traditional route. 

My plan is MTR.

We plan to have around 80 guests and are looking at wedding venues in Temecula, CA.

It's not worth spending so much money on a short basement even if you can, as it will affect the end result. 

So have to ask yourself your holding plan.

Additionally, depending on how you plan on purchasing - most conventional lenders won't underwrite a purchase in the name of an LLC that has no income/history. 1.

This year I'm planning to open my first short term rental and your story is very inspiring.

Thats the general plan.

Given that it's almost a 50% increase from the existing rent price, you might want to set a timeline of 2 or 3 months before it taking effect so they can find alternative housing if they plan on vacating instead of staying at that price point.Another option could be to ask for the rent increase, but offer something in return.