"An ounce of prevention is worth a pound of cure": careful tenant screening, inspecting properties regularly, and perhaps most importantly: serving the notice to pay or quit promptly every time rent is late are key steps to take to avoid situations where one might need to evict. 

Ensure you get the legal details pounded out and on paper.

Most hotels will simply never be conducive to being a multifamily and most larger cities will extract a pound of flesh in the process.

Didn't know any of this when we bought the place but when I was tearing up the carpet one day there was a sudden pounding on the door followed by "POLICE, OPEN UP" - in hindsight I can't believe the tenants voluntarily left but am thankful it worked out.The dad came by to pickup a few things after they'd moved out at which point he told me how upset he was with his son for pretending the prostitute was his girlfriend (no WONDER she was so friendly). 

I've got about 4" and 100 pounds on this guy.

Lot of uncertainty for the tenantIt seems like you just need a month to month leaseEven if you found someone who would be willing to agree to the one sided terms you mention (which you're doing to protect yourself which I get), you can still tell the tenants your giving them 30 day notice to vacate and they can tell you to go pound sand and make you evict them to get them out.

You are welcome to go after them legally but they will tell you to pound sand and the lawyers will cost more than the repairs.General house inspections are going to check all the obvious things...... if the toilets are flushing ok..... major leaks..... things appear to drain properly etc.

If you have concerns about the tenants that are there, you can ask the owner to have them vacate as a condition of sale, but at the same time, he could tell you to go pound sand and back out of the deal.

Contrary to what you mentioned, the US dollar has tanked against most currencies all other major currencies, including the Euro, The Pound Sterling, the Canadian Dollar, the Australian Dollar and the Japanese Yen.

Found a dog pound.