Pull your tenant-landlord laws for your area and arm yourself with as much education as you can about being a first time landlord. 

I don't see a national rent control law ever coming into law - aside from the fact that there's just no need for it, there's way too many things working against it - Congress, constitutional law, lobbyists, etc.

If you're a landlord, then you'll want to educate yourself on the local laws.

Another cool thing about hard money lenders is they work like a safety net.

I encourage you to consult with a qualified attorney to ensure this agreement complies with applicable laws in your area.

You will need their advice on your state & local laws to properly proceed.

Look up your local laws on how much notice you have to give to to end tenancy and then give them that notice.

I think Landlords are better off using strong policies, knowing the law, acting quickly and professionally.

Do you want to keep the in-laws' house?

So need to check those laws.