But - when looking - you need to know what a “typical property will rent for - so let’s call that a 2/1 house that is around 800-1000sf.  

So, if it takes 1.5 months for a new tenant to be in place, that old tenant owes 1.5 months rent (Yes, the partial month is prorated).

.- When I bought the house, I renovated the apartment and it is currently being rented out.- My question is do I do a cash out refinance or take out a HELCO (the mortgage broker I used originally advised that)?

Does anyone use biweekly rent payment schedule for tenants? 

Stacks of chair pads, et. al., in corners of rooms4.

The WLB lease (unless you use an ancient version) states that if nothing is done it defaults to a month to month.You can send them a Notice of rent increase (which you can get from WLB as well) sign an new lease, or do nothing and go mtm.I find that a 60 day notice from the tenant is not very helpful, most owners don't start showings until after the unit is vacant, so what's the point?

My provisional strategy is to put a room in a property up for rent while also living in it as my primary residence for a year. 

I would think about other options.1) Extension with current lender.2) Sell/rent - depending on the condition ?

I was into it for $25k and put $15k make it rent ready.

We originally rented out a single room in the home to house hack, but after a career change and a bug move we decided to turn the house into a single-family rental situation.