This would be my first commercial property and while it has some tenants already I know these can be a bit more difficult to lease out than a 2 bed 1 bath. 

First you schedule a walk thru of apartment so you know if you want to renew them or not,, crappy house keeping,, what ever is almost good enough reason for me not to renew.Download a lease renewal form,, give within proper notice period,Raise rent if it warrants a raise, you need to market check your area.. 

If someone is looking to make a BIG move, there is the opportunity to do some pretty significant value add and increase rents, but it would take a year or more to get it all done with current leases in place.  

I had a previously excellent tenant break their lease. 

I highly recommend reading How to be a Landlord written by a Newton, MA lawyer:http://www.attorneyross.com/landlord.pdfI use Lease Runner to create my Massachusetts leases & accompanying documents which are then signed online by me and my tenant.

The lease that I am using is as up date date as any lease for the State of Minnesota, and it includes "Lead paint warning and disclosure.

You can fix that by replacing the current one or by enforcing your policies and procedures, if you have them.What does your lease say about late rent?

Rent collection is easy, the tenant base is great, and I wouldn't even care about the whole lease-break-if-deployed thing. 

I'd be sure to include very specific language regarding smoking marijuana in my leases. 

The property is currently leased out till May of 2018.