New Owner - Can I void lease?

[Pablo Hernandez]

I'm a new investor in Nashville, TN. I'm in the process of buying a SFH but just found out the property management company the seller is using found new tenants moving in at the end of the month.

I plan on using the BRRRR method on this property so I can't have any tenants living there for a few months, nor can I afford to rent out at below market rates.

What are my options?

Does new ownership void the lease? Can something be done since they do not move in till later this month?

Thanks for the help!

[Devan Mcclish]

If you're in your due diligence phase, terminate the contract or renegotiate it. You also might be able to use your final walkthrough contingency if you have one to provide an out. The property would have to be the same or better than what you found it, obviously not the case here. You can also offer cash for keys for the new tenants or simply try to negotiate them out of the lease. If you have a financing contingency that could be another out for you in this scenario