If they have a valid lease, typically the lease survives the sale and you'd have to honor it until it expires. 

That kind of "objection" is an analytical one and a survival-based comment that really says they either aren't comfortable  with you as the raiser or the deal itself.

The problem is when the investor is an amateur and didn't underwrite their deal properly or don't have the cash reserves to survive a tough quarter they blame the property manager.

People survived before airconditioning. 

I am not sure the tenant at 550 will survive the jump to 700 so plan on a vacancy there.

I'm not knowledgable enough to weigh in on the particulars of how it would work, if it could happen, or how to best survive it, but Neal Bawa has advised all RE investors to get familiar with the concept.

But if you are working on smaller projects, it may not be feasible due to practical challenges (e.g. dealing with all the administrative requirements, inability to survive the requisition/payment cycle). 

People that get into it and survive usually have some other source of income to survive off for the first couple of years.

That being said, from someone who was in the market for a job a while back, finding opportunities that actually provide a better opportunity than just survival can be rough.People are moving from the center of the city to the outlying areas with newer homes instead of leaving the city all together.

You should never quit your day job until you have your real estate business producing at a level that you can survive.