It's a little colder on the feet but ultimately new tenants moving in they feel the home is cleaner not having someone else's dirt in the carpet. 

My ultimate goal is to leave my day job as young as I can with financial freedom through a robust multi-family portfolio. 

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.