You have to be very, very careful with personal possessions in Chicago as the land lord tenant ordinance can be frustratingly tenant friendly.

The HOA had taken possession of the property and executed a rental agreement (significantly below market) with a tenant to recover the o/s HOA b) This rental agreement between the HOA and tenant expires at end of this year. c) Now that I own this property via foreclosure purchase, can I get this lease terminated (HOA does not have standing).

@Ronnie Tejeda if you hadn't taken possession of the property (i.e. bought it) then you really shouldn't be paying it unless that was something you agreed to.

Start marketing the property as soon as you take possession. 

In short, you have to be able to execute an LNA that says you were the last party in possession, basically, you had the note and you lost it.

If you lawfully took possession, and if the property contained a residential structure, they must pay you for what is called preservation improvements when they redeem.

His website (and mine/ours which he refused to take down) is suspended right now but he emailed it to me too so I have it in my possession.3.

If she's not out in 15 days, you can evict for holdover and get possession back.

Do i need LLC before i get this property in my possession or after ?

That tenant has rightful possession and a legal, implied month to month lease.