@Cory Mosby The problems with this is what if you get it running successfully and then the owner see that this will work and decides not to renew your lease and take it over, or jack up your rent?

Just make sure you have the current owner not renew/change any leases and let all current leases expire once you are under contract.

Her lease is up 8/1 and am guessing she will not renew, but won't be out of the hospital by then.Any good attorney recs for Denver metro?

In the letter, I explicitly ask, if they want to renew for the following year, then I need to know by end of Feb.

Worst case we don’t renew month to month and rent it out at 1150 a month.

Changes are done at renewal . 

Up to now, I've tried to have a lease come up for renewal in late spring or early summer. 

I talk to her once a year to renew the lease and maybe inspect the house once more during the year. 

I informed the tenant that I won't renew lease with them more than 30 days left on lease. 

I'm not disregarding this idea though, just putting that out there.I was thinking perhaps trying to take this sub-2, inform tenant we won't be renewing lease in March, do the work at that point and list late spring.