@Abel SanchezYes I recommend writing a letter providing them a notice of Non-Renewal of the lease agreement and sending it as certified mail with a return receipt.

Thanks to Jay Hinrichs I discovered the beauty of syndication deals for passive income, diversification, and heavy hitting returns.

Over all though, it pretty much always makes sense to re-deploy equity as your return on equity goes down every year you own a property. 

In addition, at that low of an offer, he likely won't return your phone calls if you want to negotiate further. 

Wondering what the typical returns are?

When they return in September, they already know where they are going to live and they start the semester and the house sits vacant because you didn't put in on the market from Feb-May.

This begs the question of whether it's more profitable to do long term rental leases or short term vacation rentals or even an Airbnb setup for these properties.The main reasoning here of course is the still very depressed prices offering high potential for return.

There are many reasons I dislike investing with only cash, and it seems to me the biggest is because the return on investment is much lower than when I use leverage.

This will help you understand how the different costs, mortgage and rent can affect the return on investment.

You need to rent it for $6k/month to actually make a good return or maybe $4.5k **MINIMUM** to have it close to break even.