Also, I agree 100% that it is preferable to have an Agent that is an investor as well. 

You don't want to commit them to a one year lease only to find out later that there is something that you don't like, and drives you crazy, that they do.As far as the rent increase, I would agree that you should discuss it with them and explain the current market rates.

See New York Security Deposit Limits and Deadlines for more on the subject.Question,, Did landlord accept the fact that and agree to you vacating the unit / before your lease was up.. did you get that in writing??  

@Sunitha Alli I agree with @Travis Sperr, the best will be pretty busy. 

Second, I'll have to agree with the others that your education is key.

It was very informative and I agree with your recommendation. 

We have offered and would be happy to help her move because I agree, she should have left months ago..

Were the police calls noise related.. get time and date of calls.Give her written notice of Non-compliance, Noise violation, High Traffic (unauthorized people at all times of day/nite), prostitution (more than likely).. and dont forget the trash.I'd do a letter of mutual lease termination with the notice on non-compliance, and say if she agrees to vacate, in writing within 5 days,, that's by Sunday at 5 PM you will not file eviction action on Monday at 9AM.

@Trevor Turner, I agree with @Gene Hacker suggestion to quickly read a few books to get a better overall understanding of real estate investing.  

And if they will agree in writing that they will leave and terminate the lease by Sept. 30th, they do not need to pay the rent as you will be using their last month's security.