@Ivan Shao  No, you cannot evict a MtM tenant in NJ for no cause, the state anti eviction statute protects them, all leases renew MtM if you don't issue a longer term lease. and rent raises cannot be retroactive, no matter how long it's been.Senior Citizens: 62 years and older - PAAD Guidelines; maximum 2% or Consumer Price Index (CPI) whichever is less (Absolutely not a penny more).

Do not renew them for subsequent years.

At the very least they will be staying there some of the time.The way I look at it you can either allow the baby daddies to stay there or not renew the lease with the actual tenant.

This helps offset lower occupancy and provides a better tenant renewal rate. 

The worst thing a Seller can do is sign a PA to sell a bldg to a rookie contract flipping buyer whose written approval is needed to sign all new leases, renewals, or other material decisions, etc. 

It's going to be closer to 1700 then 1500 if you factor in insurance/taxes... then figure prop mgmt fee (75% of first mo/renewal, 10% ea mo after) that's going to get you close to break even.

I have requested that the owner permit me, as the soon-to-be-owner, to ask the tenants if they are willing to sign a letter of intent to renew leases pending background checks.

What about attending sales meetings, going to company training events, phone duty, etc.There is a slight chance that your local MLS might allow you to join as an individual once you renew your license but that is rare from what I’ve heard and varies state to state.

USAA, who I have umbrella coverage with and love working with, said they may be able to put something like this through their underwriting once I am up for renewal in March but I don't want to wait to fill the property or go without coverage in the meantime.

Rent rates and purchase price can be adjusted if the option is renewed/extended at that time.