So, if they have a lease with 8months remaining, and you buy on an owner-occupant mortgage requiring residency within 3 months (typically) you would have to take the vacant unit and honor the remaining term of the existing lease.When that lease expires, I am guessing, you have every right to not renew their lease.  

It is fully furnished but a little dated.

A couple of other sources that could generate flips are expired, withdrawn and canceled listings. 

Direct mailers, calling expired/cancelled listings, attending landlord/investor meetups, cold outreach, social media groups, fsbo platforms.

(My commercial deals are typically 5-30 unit buildings, not multiple hundred unit complexes)Some LOI terms to includePrice, transfer taxes, concessions, contingencies, study period, closing date.

@Ian BruesehoffIf it’s in an hoa what is going to happen as it gets closer to expiring.

If not, is there ever an expiration date regarding liens?

Closing in another 135 days should never be an issue, especially if you picked your property and did your inspection before the 45 days expired. 

They only owe about $270,000 on a 1st lien that dates back to 2021 which is at 2.875% Interest and will remain at that FIXED Interest rate for 4 more years.

I've been researching and it seems like we have two options. 1) Have the seller agree to let us co-host on the listing from the closing date through the end of the year/when the future bookings end while advertising the new listing for any new bookings.