Obviously, formal student housing properties are not what I am discussing here.  

My understanding is he is already pursuing the formal internship avenues.

The seller's attorney replied "no problem".On 3/16, first thing in the morning we received a formal letter from the seller's attorney stating that "they are terminating a contract because we did not provide a mortgage commitment".Keep in mind that they have multiple cash offers that are $10k+ higher.My attorney's responded that the termination letter is not only rejected but also unacceptable.

Even on purchase agreement extensions, it should be a formal process.

We usually have a formal topic presentation followed by networking at a bar, it's good times for all.  

@Sergio Deleon:  one of the Lenders my condo buyers have successfully closed many condo transaction with finances non-warrantable condos and does require a condo questionnaire, but on non-warrantable condo program it is almost a mere formality since thry really don't care what the questionnaire says for the most part.  

If they have issues you can maybe address then before the formal meeting. 

Even if your inherited tenant is month to month you want to be sure that you understand what the tenant's expectations are and what "verbal" or written agreements were/are in place when you close on the purchase.Hopefully, the current owner can help ease the transition and, if it were me, I would want to start out on the right foot with a written lease for say three months under the "current" terms if there is not a formal lease in place.  

We (my father, two other partners, and myself) are planning to formalize a joint RE venture in the next 30 days.  

When they respond with the scenario they like, fill out the formal PSA.As mentioned, make your EM check payable to the title co, then open escrow.