Do I need to have them sign a new lease with my company name on it not changing any of the terms or do I just inform them on how to pay the rent? 

So I am military, originally out of CA so it's my "home state"/residency but very easy for me to change as I am stationed out of CA and have been for a long time.I own several properties in CA and one in WA.

I could also argue that building costs and building codes change over time.

Tons of things can change a banks trajectory for what they do reupping a loan.Your loan balance is different now, the years left on primary lease are different.The bank might say to do a new loan you need DSCR of 1.25 now instead of 1.10 for example.

What if you pick the wrong project, or the wrong sponsor, or the economy changes, or the business plan doesn't work out. 

The insurance would not be valid for two reasons:1) the insured “individual” is no longer the owner2) the insurance was for an owner occupant, not a rentalMost people DO change the insurance to reflect the llc as owner and as a rental.

If you are living in a place that is satisfactory why not change the arrangement with the landlord?  

I've seen where people add so many loan extensions with optional payment.Say 1k gives you a 1 or 2 year extension and this can be done 4 or so times.This agreement could be changed so many ways to make it work.You could offer a higher interest rate after 7 years to extend to 15 years.

.- Curse because MUST change your agent mindset.

It's a former adult care home, so the layout is shared bathrooms, and this would allow me to not have to change the plumbing layout while offering a competitive price-point and unique experience to travelers.