I did try it out recently, and the only thing holding me back is their lease signing feature.

While getting a template (likely from another state) may make you feel good, when the time comes for you to enforce the agreement and it does not hold weight will not be worth the savings. 

Next year, increase the rent to $3200 (if the market supports it).

Most vacancy issues in stabilized multifamily is due to a stubborn owner holding out at too high of price.Vacancy is much more of a factor in retail and office where tenants aren't so easily or quickly replaceable.

I would have probably kept it (assuming the holding costs were low) but this is a huge win as well!

My friend has a holding company, would it make sense for the Holding Company to be the beneficialry of the 'owners draw'?  

@Tsering Lhamo, ask your property manager to see the holding deposit agreement that they had the prospective tenant sign.

I renovated the property while he held title and assigned a replacement buyer in my place at the end to save on down payment and holding costs.

Use your funds to support downpayment and emergencies. 

Imagine 1x6 spanned 12 feet with nothing in the middle to support it.