Is he going to vacate the upstairs unit while you live there for the remaining 9 months?

I would like to try VACATION RENTAL.Now, if I HAD to do a vacation rental, it had to be a WATERFRONT.

i live in an area where 2nd homes/vacation homes are present, so i thought a home watch service here might be successful.

I read this article on Lifehacker and I was wondering if anyone had experience to comment on this type of rental strategy. To me it does not seem legal. Can a person buy a single apartment in a building? http://gi...

Did tenant pay rent and complete the month to month lease and give proper notice to vacate per the lease?

But, like all good things, this comes to an end as well in a short time, 3 maybe 4 months (can last longer in some states) when the property is finally vacated and then the landlord must go back to work. :) Other wise, the term likely means a property that is empty and occupancy efforts will need to start from ground zero. :)

There is money in it yes; but to me it's more akin to a vacation rental than it is to a standard residential rental.

I've closed REOs and SS with tenants, by law if tenants come with the property, they have 90 days to vacate the property, with written notice ( MI law) if you wish to have vacant units.

Outside of biking distance is much less expensive but desirability and rents drop way off. 0.25 miles (walking distance) - 2 miles (biking distance) tends to be the sweet spot, at least IMO and for my market.Good point made about flood insurance too, and that is NOT optional if you have a mortgage and rates are NOT negotiable, but set for the market ... become familiar with the map of flood zones ... if you can get just outside of the flood zone (depending on elevation as well as ocean proximity) and still in the sweet spot, then that'd be double sweet.As for hiring a realtor to fill it, manage it, and charge you a % ... depends on the realtor, depends on the %, and depends on your goals, availability, and willingness to self manage, but in a vast majority of cases, especially with a vacation type rental, it will most likely be in your best interest to self manage, at least in the beginning if you only have 1 property and little experience. 

Sample belowTO:and all other occupants in possession of the premises commonly known asaddress___________________________________city of ______________county of ________ state of ________________________You are here notified that your account is delinquenct in the amount as detailed below:Rent due: __________Late fee due:_____________You must hereby instructed to pay said rent in FULL within 3 days or to vacate the premises within three (3) days of service of this notice or your tenancy will be terminated and the landlord will be entitled to all remedies relief and damages allowed by law including but not limited to recover rents, court cost, and attorneys fees.