It really needs an in-depth discussion with a tax expert specializing in real estate.There is a major distinction between a developer and an investor for tax purposes:Developer buys, subdivides, maybe builds and sells.

Assuming his lease ends the end of October make sure you give notice BEFORE the end of September to be effective.One month a landlord and you have already learned 3 major lessons:1) never rent to a seller or their family members.2) never accept rent payment in advance.3) no good deed ever goes unpunished.

In my experience, the vast majority of them terminate early.

So I'll share why I feel that way.What has stood up to me was his responsiveness, not that I bug him, but he keeps me posted on major issues, and he is firm but fair.

If the property is turnkey i.e. fully rehebbed with all major items like roof, plumbimg, electrical and mechanicals etc. updated you may need very little cash reserves at least initially for a few yrs so you mighe be ok.Having said that I would recommed having some cash as reserves or have way to pay for things in case if something comes up with the rental or in your personal life for that matter.

The first time you consider a rental, fear is a major factor. 

Contact your local buildings department.

There are suspected for taking drugs, partying in night and stealing stuff including electricity from neighbor, apparently electric department has disconnected their electricity for some reason.

We've reported it to 311, the Mayor's office, the department of sanitation.

Liquidating the furnishings and homewares of an entire house seems like a major PITA, so we'd like to make it as painless as possible while still recouping some funds.