It sounds like (from the way I am reading it) that you already know the answers - you are just looking for supporting opinions. 

You have several options assuming that Maine has a 30 day notification rules.1)  You can notify the tenant that you are terminating his lease and he must move out by Aug 302) You can notify the tenant that he is welcome to stay on as a month-to-month tenant but his rent will increase by $300 (or more) as of September 1, or he can sign a 12 month at a $200 increase.

@David Hedges, if you are looking at following the rules to a T and auctioned off the home, at the end of the day, you can outbid everyone

Today's exam question is: What is your understanding of the "70% Rule"?

While reading the Ultimate Beginners Guide I was introduced to the 50% Rule and the 70% Rule, and the 1% Rule I have heard was bumped up to 2%.

Brokerages have to issue margin calls (Federal Reserve rule) when the value of the stocks declines.

Most of my estimated expenses far surpass the 50% rule.

Rule of thumb.  

I think this is why internal rate of return exists - I know we're talking about rules of thumb, but if I've got a property in an area expecting lots of rent growth, I can add value in other ways, etc. over the course of a few years, the present value of those future cash flows and any other liquidity events become very important and it could make sense to accept a much lower CoC in the near term. 

Enforcing rules is best for a child.