A few months slip by, and its time for a renewal.

Typically what you see is:5-10% of gross rents collected (some set minimums in addition)50-100% of 1st month's rent for getting a vacant unit rented plus advertising (high in my book)50% of 1 months rent for lease renewal (complete rip off)Some will take a portion of late fees (bad)Many will charge you hundreds of dollars to handle evictions (even though they do nothing but call the lawyer who handles it all)Typically, they also charge $25+ per hour for handyman (who they likely pay WAY LESS)The fees are never-ending.

In fact, most cities are not renewing those types of licenses when they expire or the building changes hands.I would buy after the tenants are in place for a couple months.

I had to renew my contract to extend the closing.

I put a bit in over a month ago, sent an addendum renewing my bid but hve not yet gotten a decision.

Do they have options to renew?

it cannot be renewed to the same person.

Any suggestions on how I can renew the contract for rent.Also our other property has been up on the market and the agent has suggested a L/O.

If there is none, or if she is on month-to-month just follow your local landlord tenant laws to not renew, making her a holdover tenant subject to the higher rate imposed by law if she does not vacate.

Normally, I would be sending out a renewal letter 45 - 60 days prior to the end of current term.