If they are on a month-to-month contract then you can give them 30 days notice of termination or to sign a new agreement.There are some major red flags.

@Lenza McElrath        Generally speaking if ANYONE will not be transparent about the income that a property generates, that is a red flag.

The OP is currently exploring conventional rehab loans (presumably 203k or similar) which would indicate that he is intending to owner occupy, and therefore hard money loans are likely off the table (as most HMLs are not NMLS licensed and don't make owner occupant loans).That said, to the OP, if you're looking at a conventional rehab loan you're just going to have to accept higher costs, less flexibility, and more red tape.

People are generally referring to this type of entry as contra-expense or atleast that's how I interpreted.In the PA tax return, this line item was highlighted in Red and hence the question

The involvement of onsite management, often seen as a potential red flag, can lead to the property failing crucial qualification tests.

HELOCS do exist for rental properties but you are usually capped at 65-70ltv and these will most likely require a full underwrite that takes into consideration taxes, income, dti and all the normal quasi-associated red tape.

The involvement of onsite management, often seen as a potential red flag, can lead to the property failing crucial qualification tests.

Most of the time it's a scenario where they take a photo (And mark it with a red box in the actual report) of a quarter sized hole on the siding of the house and make a request like "Structural engineer needed for further inspection" lol.

Now, even though the red tape has lessened and selling might be feasible, the current high interest rates could make it difficult to find buyers willing to invest at a price that reflects the property’s true value.

So things that are a red flag for me may be fine for someone more aggressive.