I also want to know how to make this an easy transition from a Co-OP to a rental asset?  

The 70% rule says 95k. 

Try: "sample lease" and "lease clauses"  .Modify anything you find so it is in compliance with the landlord-tenant laws for your jurisdiction.Also, don't forget about establishing property rules.

AND that they are on the hook for rent until the apartment is re-rented.I think with the hurricane, you will find that anything decent in Dallas will be easy to rent.IMO they are giving you a made up excuse, charge them for breaking the lease.

we inherited some tenants from the purchase. they are not easy to manage and created some damages to the plumbing; but they are paying the rent just always late.

While the mechanics are easy, the repercussions can be significant.

It's rather confusing, especially since VA has an example right on their website that contradicts their own rules!  

The property must meet or exceed the 1% rule at purchase (rental income must be 1% or greater of the purchase price).2.  

I looked at apts for rent ads that sat to over a monthThen I called and asked if they would like all their rental headaches gone.And talked to them like a friend asked if it was easy Then said I would be happy to take their problems away as I was young with tons of energy to do repairs, evict bad tenets etcAnd all I wanted to do was pay them a set amount   Each month as opposed to the up-and-down rental situation that had gotten themselves into Believe it or not the conversation can Flovent Easley back-and-forth them finding out about me and me finding out about them and what they're able to do and want to do

     Another vote for never split the difference     Extreme ownership by Jocko Willink and Leif BabinRocket Fuel by Gino WickmanThou Shall Prosper by Lapin10X rule by Grant cordone7 Habits of highly successful people by Stephan Coveyany book by Patrick LencioniMillionaire success habits by Dean GrazioskiEntreleadership by Dave Ramsey