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They're for the long-term hold with the 30 year note.

I have many long term renters that have been in the homes paying on time, so my question has to do with increasing rents for existing good long term renters.I don't want to lose good renters.

How do I decided on length of term...2 years, 3yrs or more?

If you want to buy and hold (eg long term rental) and you aren't planning on living in it, you will need 20% down.

You can usually also benefit more by simply using the seller or builder credit to do a simple "Rate buydown".The first rate on the buydown is a "teaser" rate that only last for a short time 1 year for example but a true rate buy down is for the entire term. 

•Ensure that notice is provided in accordance with any contractual obligations or terms with the current PMC, to avoid any conflicts.2.

That is what we use.Remember it is a Short Term Rental, not an AirBNB.

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Contact the local Assessor's Office to find out how much.You state this is a "college town property", but the rents don't reflect that.The low rents typically are reflective of long-term tenants that the current owner hasn't raised rents in awhile.