I purchased the book on managing rental properties ultimate.

Whatever the situation, opt for longterm renters when the choice is available.

Cleveland is the one I am most familiar with and it's also very popular with investors across the USA so I figured you'd get some value out of reading The Ultimate Guide to Grading Cleveland Neighborhoods.

Your business, so your choice on how to handle cancellations.

I'd guess so - I got mine funded in Sept 2017- I had 3 choices from the lender -- 3 yr rate lock, then adjustable, (either 5 or 7 yr rate lock) then adjustable or fixed for the life of the loan (25 yrs)5% at that time was what they were willing to do for the 3yrs, 6.75% was what they were willing to do for fixed for the life of the loan - they were one of the larger SBA lenders Id presume and kept it in house.

Then run your profit projections and make a choice.

But I'd also put the tenant on notice that they're ultimately responsible for that cost. 

Cleveland is the one I am most familiar with and it's also very popular with investors across the USA so I figured you'd get some value out of reading The Ultimate Guide to Grading Cleveland Neighborhoods.

If your investments can't support the price of someone else doing the work then they may not have been the best choices for passive investments.If you are just starting out and are trying to maximize the cash flow to get established then I can understand that.Apartment complexes have a higher turnover.

Ultimately you'll even save a little on interest in the long-term.