Usually if the tenant stays past the lease date you cannot just change the locks

If you do I would love to hear it.Sell your ability to stay focused during stressful situations.

I've been extremely lucky and renters have stayed for many years, the longest is a family who has rented a home for 11 years. 

I am in a similar situation as you where I do want to add value and also have a place for my out of town family/friends to stay when the visit.

So as rents historically increase but your mortgage stays the same these deals get more and more profitable.

All income that property had generated in the past stays in the IRA, tax deferred.

But it would seem appropriate that a gross sale of $1 mil with the components of $700K actual sale and $300K gift, would still require a reinvestment of $1 mil since the gift is made of value to avoid taxation to the recipient so the gain should stay with the donor.

@Michael Kretch I’m sure a few people will come to Illinois but I feel many will stay in Wisconsin.

Stay far away, worst PM I've ever dealt with. 

However, he's staying another year and told us he'd like to sign on for another year lease, which I have no problem with.