Assuming his lease ends the end of October make sure you give notice BEFORE the end of September to be effective.One month a landlord and you have already learned 3 major lessons:1) never rent to a seller or their family members.2) never accept rent payment in advance.3) no good deed ever goes unpunished.

In my experience, the vast majority of them terminate early.

So I'll share why I feel that way.What has stood up to me was his responsiveness, not that I bug him, but he keeps me posted on major issues, and he is firm but fair.

If the property is turnkey i.e. fully rehebbed with all major items like roof, plumbimg, electrical and mechanicals etc. updated you may need very little cash reserves at least initially for a few yrs so you mighe be ok.Having said that I would recommed having some cash as reserves or have way to pay for things in case if something comes up with the rental or in your personal life for that matter.

The first time you consider a rental, fear is a major factor. 

Portland we have a major problem also.. 

Liquidating the furnishings and homewares of an entire house seems like a major PITA, so we'd like to make it as painless as possible while still recouping some funds.

Now, my living expenses come to just 411.96, which is less than I’ve paid the majority of the last year.

Majority of them are getting on to their later years and dying which will create more supply. 

However, until I have a property inspected and know the current condition and life expectancy of all major components and appliances I will not lower it.