Initially we did a light renovation on the rental unit and a larger renovation on the 1st floor.

Too many newbies seem to think they can blindly follow "old" advice in today's real estate market and be successful.Many, basically get taken advantage of by those in the industry that have an incentive to keep newbies blind to new realties, just to keep their good times rolling.What many newbies have figured out is that they can't make the numbers work on rental purchases in their states - like California, Arizona, New York, New Jersey, Washington, etc.What they have NOT figured out is that if they go to cheaper markets, they aren't being shown Class A rentals to buy.

Run the numbers on your first home’s rental potentialGood luck!

I have a rental property I put on the market for rent, do you guys have or know where to get a yearly lease agreement I can use in Phoenix, AZ? 

It’s not necessarily more difficult than market-rate rentals, just different.If you’re seriously considering this route, feel free to reach out.

Rental rates are fine for SFHs - I haven't had to drop my rates whatsoever with turnover, nor have I had a single tenant try to negotiate a lower rate. 

The BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) could also be a great strategy to recycle your capital.To find deals, try direct mail campaigns targeting absentee owners or distressed properties, or go driving for dollars in neighborhoods with strong rental potential.

I also have no interest in being in the car wash business, or the laundry business, or the AirBnB business, things like that which seem to appeal to a good number of people, but not me.I like to KISS, and just focus on market rate rentals, 12 to 18 month leases.

Get a rental license, get it rented.

The City of South Lake Tahoe does not allow short term rentals.