Silicone valley obviously increased a lot already in last 5 years, and it should be one of the most expensive city in among the US.

Signs of slowing due to increased inventory, but still double digit growth/appreciation continued for remainder of year.You will get good cashflow in midwest, but limited appreciation.I'm vested in southern California and Las Vegas.

The issue is with the second floor tenant, they've been there for 5 years and never had a rent increase.  

I realize now, that I made a huge mistake buying new and I can greatly increase my monthly cash flow for other, more important investments.

Out of 3 turnkey providers in FL an TX, JWB ranks #1 when it comes to customer service.

Quickly establish WRITTEN policies and procedures to ensure consistent service for every client or customer.

That would increase your savings rate! 

Or, can I just have them sign the new contract which would have a rent increase and pet deposit/fee? 

If he does not want to pay the increased amount he will leave in his own.

If I buy a property built before a certain year that currently has tenants in it, I cannot raise there current rents beyond the allowable increase for the year(3%-4%)  I would have to wait until any of the units becomes vacant to raise rents to current rent rates.Is this correct so far?