To decide whether to evict one or both tenants, consider factors like immediate need for living space, rental income, and renovation plans.

Hi Pradeep - depending on how quickly you plan to complete the rehab, it may be worth exploring your available resources for refinancing as well.

The plan is for the partner to actually live in the house.

I plan to do it eventually, but not until I get my feet wet. 

You can specify blackout dates when the property is not available for rent if you wish to use it personally during certain times of the year.Legal and Regulatory Compliance: The management firm will ensure that the property complies with local laws and regulations concerning rental properties, including obtaining any necessary permits and adhering to zoning laws.Maintenance and Repairs: Property management firms often take care of routine maintenance and emergency repairs, ensuring the property is well-maintained and ready for tenants or guests.This arrangement allows you to enjoy your second home for part of the year and generate rental income when you're not using it, with minimal effort on your part.

I am planning on renting the house out for roughly $1950 to have some extra income to use when showing income for my next loan.

I think it's less a function of people just love the burb life and more that people are priced out of the city as much so they're looking for the "affordable" option ... and that's in the suburbs.And I do think there are still some under-asking properties out there, but anything that's taken care of, that's a remodel (but not an obvious crappy flip), is going quickly now. 

If you plan to live in the property then the short term sacrifice you may have to make is to live in an area that is gentrifying in lieu of an area that is already fully developed.

I’m planning on renting to the tenants for another four months or so while I start working on getting the permits for a major remodel.

The home has a foundation and we plan on restoring the structure to have it classified as a single family residence, and then to lend against it.