This is roughly the message I send to my tenant 60 days before lease renewal:Dear tenant, Insert nice words....Your lease is expiring on [date]You have the following options:Renew your lease for 12 month at [rate] (If market rate is $100 higher I tend to increase something, if market rate is $200 higher I use (current rate + market rate)/2 for the new rate, if market rate is same or lower I would keep it the same rate)Move to a month-to-month lease at [rate x 1.25]Vacate from the premise on or before [lease end date]Please let me know by [deadline].

About a months rent would be covered by the deposit they wont get back when they move out.

You could just move out and rent the entire property.

This strategic move paid off handsomely as we were able to command higher rents than initially projected.Here are the key financial details of the deal:Purchase Price: $270,000 (jointly with a partner)Financing: Obtained a commercial bank loan with a 30% down payment, 7% interest rate, and a 20-year amortization period.Initial Rents: $1050 and $1250Current Rents: $1400 and pre-leasing for $1500 (making it a 1% rule deal!)

(Which also cost more than you think now.)If you have 8-10% of the property’s cost try to buy it as a primary with 3.5% down and move in while you rehab it.

I am planning to get a cashout refi, which I believe I need to move it solely into my name first, but there is also a prepayment penalty attached to the loan for the first 3 years.

I have seen it before with a few of my clients that they were able to utilize a Sec. 721/1031 transfer to move the assets into a REIT or other similar activity depending on the type of business.

My plan is to pay for the lot mostly in cash, build a quadplex on it, sell my current rental property and primary residence, and move into one of the units.

Nobody moves them anyway.

I feel these would make an excellent next move for me.