Solomon FulopThese numbers are a bit tight for my liking but you are putting very little money into it and you'll live for free so for you, I guess this works for you...looking at it strictly as an investment, no me gusto..3 concerns: 1- Having to live there for the duration of the loan without being able to refi out..I'm not familiar with these loans so perhaps there are other ways to get out of this. 

Hmmm, I know typically a lease contract would survive intact after a sale for the duration of the initial term.

I don't believe CC&Rs can legally restrict the number of rental properties in a given community but they can dictate the minimum duration of the lease. 

It should specify, at a minimum, names and ages of all authorized residents, rent amount, lease duration, who pays utilities, who does lawn care, who owns what appliances, whether or not animals are allowed, and any other special agreements in effect, and the last line as I mentioned above says there will be no changes between the date the Letter is signed and the day of closing. 

@Lashawn McCauley I forgot to add that I had to put in a credit card that they put a $2500 hold on for the duration of the auction.

.** This is the only bathroom in the unit, so I would be shutting things down for the duration of the project.*** Single male tenant.

I live in VA and I don't know the duration of the paint, but will definitely find that out, I didn't even think about that.   

Pay your construction manager a salary for the duration of the job and pay for expenses.

Eviction is obviously the option here, but there should be some clearly defined financial penalty for them exceeding the stated duration.

Since I am looking to pay off the property in 10 years, have you come across more favorable fixed duration terms from banks.