They are still living in your home.

Potentially looking at living in my first property for a year as this would be $300 - $400 less in current rent, while I fix it then rent it out after that year.

This thread discusses the long-lived prime bank note scamhttp://investorswatchdog.com/blog/investorswatchblog/?

In that case, that wouldn't be an option to renew and I would present them with two options: 1) extend the current lease with updated market rate rent and new term (a true renewal option), or 2) you give them a new lease with terms you want, again with market rent.

My tenants were used to paying cash, since the property manger used to live near by and would go collect.

I live in Chicago and have a condo unit in Scottsdale.

Below is a list of the states and their requirements for prepay AL Alabama Yes No restrictions None Refinance or saleAK Alaska No N/A N/A N/AAR Arkansas Yes No restrictions None Refinance or saleAZ Arizona Yes No restrictions None Refinance or saleCA California Yes No restrictions None Refinance or saleCO Colorado Yes No restrictions None Refinance or saleCT Connecticut Yes No restrictions None Refinance or saleDC District of Columbia Yes 2 months interest on prepaid amt that exceeds 1/3 of original UPB36 Months Refinance or saleDE Delaware Yes No restrictions None Refinance or saleFL Florida Yes No restrictions None Refinance or saleGA Georgia Yes No restrictions None Refinance or saleHI Hawaii Yes No restrictions None Refinance or saleIA Iowa Yes No restrictions None Refinance or saleID Idaho Yes No restrictions None Refinance or saleIL Illinois Yes No restrictions None Refinance or sale Borrower must be corporation if interest rate is > 8%IN Indiana Yes No restrictions None Refinance or saleKS Kansas Yes No restrictions 6 months Refinance or saleKY Kentucky Yes No restrictions None Refinance or saleLA Louisiana Yes No restrictions None Refinance or saleMA Massachusetts Yes No restrictions 36 Months Refinance or saleMD Maryland Yes No restrictions 36 Months Refinance or saleME Maine Yes No restrictions None Refinance or saleMI Michigan Yes 1% of amount prepaid 36 Months Refinance or saleMN Minnesota Yes Lesser of (i) 2% of UPB or (ii) 60 days of interest 42 Months Refinance only PPP restrictions only apply to loans within conforming limits MO Missouri Yes No restrictions None Refinance or saleMS Mississippi Yes 5% of UPB if prepaid in months 1-124% of UPB if prepaid in months 13-243% of UPB if prepaid in months 25-362% of UPB if prepaid in months 37-481% of UPB if prepaid in months 49-6060 Months Refinance or saleMT Montana Yes No restrictions None Refinance or saleNC North Carolina Yes No restrictions None Refinance or saleND North Dakota Yes No restrictions None Refinance or saleNE Nebraska Yes No restrictions None Refinance or saleNH New Hampshire Yes No restrictions Refinance or saleNJ New Jersey Yes No restrictions None Refinance or sale Borrower must be corporation if interest rate is > 6%NM New Mexico No N/A N/A N/ANV Nevada Yes No restrictions None Refinance or saleNY New York Yes No restrictions None Refinance or saleOH Ohio Yes 1% of original UPB 60 Months Refinance or saleOK Oklahoma Yes No restrictions None Refinance or saleOR Oregon Yes No restrictions None Refinance or salePA Pennsylvania Yes No restrictions None Refinance or sale Not permitted for loans less than base amount ($312,178)RI Rhode Island Yes 1-4 Purchase: 2% during first year only.Otherwise, no restrictionsPurchase: 12 months Refinance: 60 monthsSC South Carolina Yes No restrictions None Refinance or saleSD South Dakota Yes No restrictions None Refinance or saleTN Tennessee Yes No restrictions None Refinance or saleTX Texas Yes No restrictions None Refinance or saleUT Utah Yes No restrictions None Refinance or saleVA Virginia Yes No restrictions None Refinance or saleVT Vermont No N/A N/A N/AWA Washington Yes No restrictions PPP on ARM cannot extend beyond 60 days prior to the initial rate change dateRefinance or saleWI Wisconsin Yes No restrictions None Refinance or sale No PPP permitted on ARMSWV West Virginia Yes No restrictions None Refinance or saleWY Wyoming Yes No restrictions None Refinance or sale

My plan is to live in the house while in the area and either rent it or sell it once I decide to move.

You live your best life and get some rental income.

Ideally I want to buy something in Florida that I can keep part of the property vacant for me to live in several months every year.