There plenty of other opportunities elsewhere, my clients are involved in institutional grade properties across the country.

There are plenty of 4 bed 2 baths and comps in higher class neighborhoods.

This will only will this just invite more people to potentially try and stop you by voicing their NIMBY opinions and make you do what they want you to do with your property.

People having success with this model are buying within a narrow search criteria (4+ beds, 500+ sqft per tenant, 3+ showers, plenty of parking, no HOA restrictions prohibiting non-related occupants, proximity to major employers etc etc.) and hiring management that specializes in the model and has systems + methodologies in place to account for turnover, roommate politics, common area cleaning, utility costs. 

You've got plenty of time to get educated and be ready to hit the ground running as soon as you qualify for lending.

@Kyle Varga there are plenty of options out there for those if they have good credit and 2 year history of self employment.

In real estate there is plenty of room for people to succeed and you will find individuals who want to help.

Plenty of considerations with short term rentals that you might not think of initially, for example- different people coming & going all the time, does this have any impact on neighbors?

In fact, I am planning to give them 6 months notice in advance, in good faith, and also give them plenty of time to find their new place.My questions are :(1) simply informing the tenants about not renewing in a form of letteris GOOD?

@Colleen F.Assuming it is a decent quality generator when you bought it, there should be plenty of life left in it with only 400 hours on it.