Does anyone know how big of an issue it would be to sort out the zoning and how likely it would be that the city would rezone either or both of them? 

Worst case is we go through with the purchase, spend a bunch of money on renovations which leaves us with depleted cash reserves, can’t get current house sold or rented then job loss hits.

I sort of did the same thing when my long term tenants moved away. 

Is the memorandum sort of like a lien? 

However, that wasn't your question...Regarding organizing lease end dates - with that many units I would hope you're using some sort of management software like Buildium?

Sort that out.

@Shayla Collins too soon to panic, but I would preparing for the worst case scenario. 

I was looking at worst case around $150-160/sqft.

up until this month foreclosures were are a record low.. just ask the NPN folksstarting in April with missed payments there will be all sorts of work outs and the 90 day foreclosure halt.. then you take the 3 to 24 months to process them. and well its going to be a long time in certain markets before they hit the market.

This first turn is simply the "getting it up to speed", and it sort of sounds like you budgeted for the unit rehab anyways.