(You know you’re on the right track and you insure future leases end between March and July by varying the length of the new lease.)Good luck. 

Normally when a  property is advertised as "cash only" the property is in poor condition and/or the seller wants to reduce contingencies and opts for a cleaner transaction.

This would improve the property value and also allow you to lease out the 5th unit.

Buy the property, lease it up and refinance.One thing you’ll want to know about the credit facility is not necessarily the margin call parameters, which I wouldn’t be concerned with if there is a significant amount of equity in your investors securities securities portfolio, but what are the other terms?

There's also disclosures in there that have to be included in your lease paperwork.

If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.  

And given #3 above, it leaves about 20% of rent for all other expenses like property tax, insurance and other PM expenses like leasing fee, eviction fee and other minor expenses like for e.g landscaping, pest control etc.

Pros - guaranteed rent, tenants stay longer on averageCons - more mgmt needed (lease violations), they tend to not take great care of properties (increase maintenance expense or deferred maintenance)

Consider hiring a paralegal well versed in leasing, renewing, and evicting.

However, eviction must be by cause (i.e. you can never evict without a justifiable reason - so more or less you are stuck with a tenant unless they stop paying rent or breach their lease, or some other narrow units such as moving in or curing code violations - though then you have to pay relocation costs).