The other considerations noted by other posters are valid, but when you weigh them against the high risk of extended vacancy, ending at the beginning of winter is to be avoided at all costs.  2 months of added vacancy is a 16.6% loss to annual income. 

This can be appealing to investors seeking passive income without the responsibilities of active property management.2.

I assume its to make higher income ?   

Here are some things to consider when deciding whether to lower the rent: Evaluate Market Demand,Assess Feedback, Be Flexible, Remember, finding the right balance between maximizing rental income and minimizing vacancy is key to successful property management.

Other things in his LOI were that we grant another option, that we refund the security deposit, that we allow unlimited assignment without us granting consent, etc..I'll go with your option #1 above and simply decline his other proposed changes and see if we can preserve the Renewal concept at a new rate that bakes in his commission (and then some) - if he wants to earn that commission, let him go and sell the package to the tenant.  

Evaluate your savings, income, and outgoings; moreover, educate yourself about mortgage alternatives and programs that help with a down payment.

In 2023, I started a part-time remodeling service business to supplement the income in my consulting practice.

For the purposes of calculating the limited interest deduction, the total mortgage debt owed would include both the individual mortgage on Unit A and the owner's share of the underlying mortgage.So, the total mortgage debt owed would be $800,000 (individual mortgage) + $200,000 (owner's share of underlying mortgage) = $1,000,000.Therefore, the owner would be limited to deducting mortgage interest based on this total mortgage debt of $1,000,000, not just the individual mortgage.Thus, the deduction for mortgage interest would be calculated as:($750,000 / $1,000,000) * $40,000 = $30,000Therefore, in this scenario, the owner would be able to deduct $30,000 of mortgage interest for federal income tax purposes.

If you're not careful, you can have your entire gain converted into non-exchangeable ordinary income. 

It's all about earning your stripes.If building a real estate portfolio is something you truly want to do, you'll find a way.