Just don't go around opening any credit cards and buying large items right now.

@Caleb Anderson I don’t think a two year lease is too long but I would go any longer - you want to be able to raise the rent on them if taxes increase in your area - have an attorney review your lease and make sure you are taking advantage of your states property code as it relates to landlords - each state is different - we have a lease break provision written into our leases - also a good real estate rental agent in your area can be worth their weight in gold - they will find better tenants (screen them all) and quickly put your house back on the market in instances like this

Your comment about it potentiall breaking IRS reporting rules raised some alerts though, so I may stick the the "technically correct" strategy. :-)

Based on their lease agreements you can choose to keep the existing tenants or if you plan to raise rents or move in a different direction maybe consult with you're real estate agent that you are working with (who hopefully has experience with rental properties) to see what they say. 

I am from San Diego and went the "other" way and spent a $*%&^load of money to not learn much other than be in credit card debt and that there are SO many other ways to learn. 

With a credit card it is $102 to set up an LLC in Wyoming. 

If you're trying to rebuild, start researching secured credit cards.

Matt Fisher Here are some advertising ideas:TurbotenantZillow rental manager (formerly postlets)Cozy.co“Pick your neighbor post card” refer a family or friend and receive gift card, $100, etcFacebookPosters at gas station, post office, church, schoolNewspaperMost of these are from Brandon Turners book on managing rental properties.

Rent could stay as-is and cash flow, or can be raised to market rates.

I just have a coffee with him before Christmas and I raise the issue on the flipping.