Purchase price $1,449,000, gross annual rents $216k.

I think you could go about turning the month to month to one year several ways...One suggestion is to simply let them know after you purchase that you only do annual leases ( and that sounds like your goal)....And then maybe let them know in the coming months you will be talking to them about this and offering a special one time chance to lock in their current rate for one year (which gives them and you predictability).

I do not know the procedure in Washington but I suspect that the assessment is made annually.

@Chad Urbshott We will be spending 4 days researching the Boca Raton/Fort Lauderdale area and plan to attend the BREIA annual meeting in Dania Beach on November 5th.

On the other hand once per year CHA will do annual inspections and it will cost u a few bucks to ensure you pass not to mention if the property manager charges for the inspections which we recommend having someone there.Our CHA turnover is minimal.

I ran few calculators online and it turns out to be few $k's in tax savings annually which is great.

With two educated middle-class wages, this has allotted us a disposable take-home income that is greater than what most of our individual peers bring home from their annual salary.

Having some private money at 8-12% annually that can be accessed quickly may be more advantageous than working on a deal with traditional financing with a bank/credit union when they want to due a pre-renovation valuation/appraisal and post-renovation valuation/appraisal and then go ahead and set up a draw schedule to align the funding with the project timeline and any inspections of the property... 

It does not seem to be very difficult nor does the ongoing annual maintenance of the "business" seem out of line for what I can do myself.  

If you don't mind sharing, what is your average occupancy rate on an annual basis?