There are multiple year wait lists in many jurisdictions...and the challenge is so large that it will not likely be resolved in my lifetime.I am also certain of two other things (1) stealing from others is an unacceptable solution and (2) the victim mentality paralyzes people (including me).

Well, Sequim has been a victim of the pandemic and our crazy lockdown rules with many restaurants etc closing.

The increase in sales and marketing expenses was primarily attributable to a $7.6 million increase in headcount-related expenses, including share-based compensation expense, a $5.5 million increase in selling expenses directly attributable to the resale of homes, a $2.8 million increase in holding costs, a $2.8 million increase in marketing and advertising expenses and a $1.9 million increase in miscellaneous expenses.

@John Soforic , I think you meant to say "net profit <after> taxes and insurance" not <before>.Obviously having stable tenants and therefore low vacancy and turnover costs will go a long way toward minimizing expenses and you seem to have accomplished that.Yes, as you pointed out you aren't budgeting for property management and even if you intend to do it yourself, I agree with those who say you should consider it in the budget because (a) you might not want to do it forever and (b) you should account for compensating yourself for that activity separate from the investment return itself.

I've very seldom heard of a landlord collecting more than a month's rent as compensation for a broken term lease.If a tenant wants to move but feels obligated to stay and not break your lease, that is also problematic.  

How can they essentially seize private property with no compensation? 

Offer to call their current landlord and “smooth things over” and be prepared to offer some small amount of compensation if they incurred any expenses preparing for the move. 

For me, this is an opportunity not worth pursuing.(1) Consolidated Balance Sheet Data, Pg. 76(2) Property operations, Pg. 81(3) ((48.7M *4)/12) / (3.53B * 0.68) (4) Our properties table, Pg. 93(5) Trustee Compensation, Pg. 114 (Class A: $15.76 to $17.23)http://www.sec.gov/Archives/edgar/data/1562401/000119312513479861/d633362ds11a.htm

If I did, my compensation on that transaction would be measured in pennies per hour.Perhaps a mind-set shift would be helpful. 

Quote from @John Cho: As a general rule of thumb, the property manager should be compensated for work performed.