I own 7 properties (8 doors) in southwest Pennsylvania free and clear. 

It's pretty hard to invest with $8k since most lenders have a $100k minimum loan amount, meaning you will need about $35k to buy a property after the 20% down and the associated closing costs. 

The amount of applications we receive on a daily basis I barely have time to sleep.

Population Growth: 49% Population Growth over the past 20 years, Sacramento has experienced a tremendous growth in population with individuals and investors alike coming in from the Bay Area seeking more affordable costs of living and lower barriers of entry into real estate. 

@Amy Lin - If it were me I would have an experienced attorney start the eviction process immediately.They are probably going to hang on as long as they can rent free as they have the closing proceeds.They might care about their credit if they do plan on buying another place, so you might have some leverage there.

You said it cost more to transfer from personal to LLC after the sale. 

@Steven Catudal You are free to deduct and will probably get away with it.Do keep in mind if the tenant sues you hold very bad cards for court.

What are the usual cost for these type of good property managers in major metroplexes?

Think of it this way - the 6.00% cap rate is your cost of equity.

I would offer an annual lease if a tenant prospect has an outstanding application.