And this severe housing shortage will keep demand very high for decades no matter what the interest rates are at.

(You still must of course keep the unit habitable,  and that could still be quite costly depending on the shape of the building)And when it does come to raising rent,    if possible do it in a few steps so it gives them more time to adjust.   

I get MTR leads from Airbnb and do bookings through the airbnb platform.I use apartments.com to manage my Long term tenants and collect rent.What do I need to keep in mind for starting off on the right foot for book keeping?  

Definitely will keep in mind 🙂

Once recorded, the owner/seller of the property will not be able to close on the property without addressing this issue, thereby blocking them from cutting you out and selling to another party.Other than that, keep in mind it is VERY difficult to win in court for specific performance to force the seller to sell.Good luck, and keep moving forward!

Should I just keep his deposit if he’s not willing to pay another month or have him pay and give him the prorated price when property is ready to turnover or should I just let it go so that way, he can have the property as clean as possibly can be thank you

Keep an eye out for it!

Keep pushing and pursuing your goals! 

Its also great to keep an eye on the market as you approach 2 years away from the property. 

I plan to keep this property as the rental income is already excellent.I too experienced the same challenges of balancing responsibilities as a father, husband, realtor, investor, coach, Airbnb host, etc.....Let me tell you, this past year wasn't easy!