She says that she can provide her 30 day lease termination notice on May 1 and move out 5/30/18, 30 days before the lease ends, and that is acceptable law.

This implies the $200/month cash flow in unlikely to ever be worth more than the $200.I recommend all investors start local but you seem to be adverse to that so I will go with another one of my common assertions: The only Midwest investing that makes sense for most Coastal So Cal/San Fran RE investors is true MF (5+ units).  

But if you want to rehab to increase rent then give him 30 day notice to vacate and proceed.

Only has a PO box and a friend at a local business who will take messages(and also gives her legal advice).I have given 30 days notice, but I'd bet money she wants to take this to court ect.I want to try to do a cash for keys but I am not hopeful (I tried once already and she ignored it).Help, is there nothing I can do but brace for the pain? 

[Lenders commonly use 70% LTV for investment loans].eg.

@Daniel Pitta In my opinion Background checks are the number one best way to vet a prospective tenant.Many things fall under background checks like calling their employer and previous landlords.Also I know some PM's that like to sneak and peak in their car and see if is junky, if so they is likely how they will treat your property.Also these same people will find an excuse to stop by their current residence and look in the door for the same reason.W-2 paycheck verification.No evictions in last 5 years.Tenants make 3x the rent.If they can't come up with all move in money don't rent to them.They ones that beg and plead for you to rent to them you should run from.Make sure they have stable employment - same job or in same field for 2 years or longer.Get a larger deposit than 1 months rent to encourage them to give you proper notice when they move and that they don't try and use deposit as rent when they move out and that they also leave your property in good condition.

The tenants sound irresponsible though so I would give them a non renewal notice.

Trying to get on hotels.com or another common site would be good also.

@Curt Davis I’ve just noticed how cheap Shelby county is at the moment.

These seems to be a common unanswered topic.