Depending on what your lease says, it may automatically go into a month-to-month rental agreement, so you shouldn't have to do any additional paperwork unless you wanted something in writing about the prorated rent.

It doesn't terminate automatically when they fail to pay rent.

However, if you allow automatic debits, the tenant can't manually make that payment, right?

@Kenny Dahill point taken, my apologies and thanks for keeping it professional:)One comment though, just because a proerty will negative cashflow, isn't a reason to automatically recommend DIY to put a band aid on the problem.

Thanks a lot @Pedro Hernandes for sharing your views.I agree to portfolio reporting part; I have few questions regarding same.Real Estate being iliquid or infrequently traded asset class, Does it really require daily portfolio reporting since changes in price are mostly on month-quarter basis unlike frequently traded assets.Also, on automatic fundraising or investments in RE, can investors really be comfortable with it since there are not only Returns or Future cash we look for when analyze any potential investment but many experts and associated soft costs are part of almost each transaction.Trying to understand which features for Portfolio Reporting and Automation of Fund allocation or raising through various options; automation can serve and in which capacity.Regards-Vijay

When life happens to them do you want that to automatically trickle down to you? 

For instance, if you buy a property for $350k on a lot that is worth $75k- you get to write of $275k evenly over the course of 27.5 years; you get an automatic $10k tax deduction every year. 

I don't have an automatic booking - I screen every request - ask questions - look them up on social media if possible - then decide if I will accept that booking.   

Basically, I send them a Venmo request on the 1st of each month, they accept it, and I transfer the funds to my bank for automatic mortgage payments on the 5th.

Zillow automatically advertises your entry in Apartments.com, Hotpads.com and a third online apartment app that escapes me at the moment.