I can just create a contract and pay him monthly after if he agrees correct? 

I'm new to the site as well.I agree wholeheartedly with @Jim Wilcox about the need for a strong lease (e.g. one that covers all types of situations).

I agree that this doesn't reflect the overall Seattle market.

If decision ultimately depends solely on minimizing rent loss then I agree with others, rehab on turnover.Kitchen, bath and spruce up should be a 1 month job if you’ve got all your ducks in a row.

Just listen…Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode.

I agree, you never know the full situation so offer and see what happens.  

I agree with Daniel - analyize as many deals as you can and eventually it will become second nature. 

That's the average, so it can be change by outside forces such as abnormally low or high interest rates, etc.The following behaviors were exhibited at the last peak:Lenders were lending 125% of appraised value - I haven't seen this yetEveryone and their brother was buying a house, you could sell anything for crazy money - that's happening nowPeople thought prices would never come down - that's happening now where I amNew construction was hot hot hot - that's happening nowDownpayment requirements went down and LTVs went up - that's happening nowThere was very little inventory to buy - that's happening nowAre any of these hard and fast indicators? 

Totally agree.

OTOH, I agree with @Kyle Lewis that if there aren't any problems, I wouldn't worry about it.