I have a few single family home rentals in the area as well.1) How does this affect the procedure on rent?

However, this new buyer is threatening to get attorneys involved because he seems to think that this is not a encroachment granted in perpetuity.I think my folks are in the clear on this due to the nature of the language in the agreement but the last thing I want to have happen is get lawyers involved and have them have to pay to move the tank since, technically speaking, they are in the wrong.Don't have any experience/advice in this matter?

It is the nature of the beast - we talk to Realtors using our own language.

So my natural bent would be to go as cheap as possible to simply satisfy the loan requirements.

If we are looking at total returns from those who have bought turnkey properties over the last 4-5 years, the returns are probably pretty good.I think those who are looking to find turnkey properties from now on will have a tough time making more than just average or below average returns, because I think the easy money has been made, and I don't see a ton of margin on any deal, let alone one where the Turnkey key operator is getting their cut off the top.I wasn't investing prior to 2007, but we are fairly conservative by nature, and having regular day jobs, we can be selective. 

You will need to understand the landlord-tenant laws for your jurisdiction and follow proper legal procedures for terminating an existing lease. 

A good thing to do is look up a past hurricane or natural disaster in the past and see what happened the market value of the homes from year to year.

I use the book on Managing Rental properties as my procedural manual basically, very very helpful. 

But as Richard said, use caution since the DoD has been changing a lot with respect to our TDY pay and procedures in the recent years.

Or some project your not willing to take on just yet.I did notice I am month out in this response, but I do not think you need to narrow it down yet. you will learn what to filter while running the numbers on the properties naturally. just as @Ali Boone said.Good huntingKirk