You need to account for turnover, maintenance, recurring capex and property management if you have a third party manager.

most leases roll over to be month to month automatically if a new lease is not signed, but if month to month a 28 day notice is required, tenant must still pay for the time they are still there. when a tenant is M2M the landlord may choose to not renew for any reason or no reason at all, many tenants dont get that a lease works both ways, its an agreement between both parties. 

One way to test out your rental market is to use 3rd party listing sites like vrbo, Airbnb, homeaway, luxury retreats, etc...

The beauty of it is that you can negotiate anything both parties agree are generally c class neighborhoods, and the seller is wanted to get rid of their portfolios and are looking for steady cash.

Then, you'll need a 3rd party management company. 

A separate loan is provided to the seller by a third party lender (who is introduced to the seller by the dealer).

It’s really not worth the effort on our part. I

Now, you can certainly still hold both parties responsible for the rent each month, and I would not take anybodies name off the lease. 

And I will let the respective party know you referred. 

Especially developers, rehabbers, the types that take old dilapidated properties and fix them nice.Also bad tenants (gangs, hoarders, the types that party all day and don't keep neighborhood clean stay FOREVER)  This is why the rent controls don't work.