Notify each tenant in writing that you intend to increase the rent and require them to apply and meet your standards.

I.E. was it in writing?

@Ashley DavisGongrats on your deal...I would say you figured out the numbers so well...dont worry about the rehab...going with 50k budget is over already, If I were you I would the same as you did ... wouldnt worry about the numbers at all.I would recommend to take an experienced investor with you when you knock on the door...try your best to get them sign a document for cash for keys along with short term lease stating the date the move out considering to include in the lease that no repairs would be done by you and they accept it in as is condition...I would definitly consult an attorney to write it up for you...try to be nice but firm with the occupant dont ever get emotional when taking to them.Good Luck

You are the words/thoughts you think and write.

Interest rates are still low and you get the full benefit of interest write off with a loan.

Get an agreement in writing at a minimum with being vacant preferred. 

Hello BP Community,Just wanted to introduce myself. I've been lurking for a couple months as I've been in avid learning mode. I have so many ideas on avenues in RE I'm interested in pursuing I admit at times it's over...

I'm a software engineer by trade and we do a lot of work with a group around a white board. 

I have an above average income (although for tax purposes I write off a lot of expenses), I have a 750+ credit score, but I have higher dti than I'd like.

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.