Trying to eliminate the time lag. 

In general, rents growth lags property appreciation.  

If one property consistently lags then I could adjust the percentages on that property. 5.

Equity appreciation seems like such a gamble and yet prices keep ticking up.A lot of folks here seem to have concentrated their efforts in the midwest where appreciation lags the coasts. 

The labor market is still tight, profits still good, wages tend to lag behind inflation, but will catch up eventually as they always have since the beginning of the USD.

First cost decreases always lag cost increases in terms of speed of change.

Depending on how far these tenants are lagging market rates for their similar size and condition of unit, you can be a touch more aggressive, but likely want to keep your rates $50+ below competition, so even if they are pissed they will start shopping around and realize they will still have to pay more and incur moving costs, if they choose to leave.

Do they lag behind and just use the previous month's Owner Income statement, or is there a proactive approach the moment the property is vacant?

It literally "feeds" and gives life to  other lagging, bottom-feeder states within the union.  

To anyone reading this, I'm in dire need of advice for lagging and incommunicative partnerships.