If it's really a deal, get it under contract for a longer period 30-45 day and market your contract like crazy.

The tenant lease states that the tenant is responsible for paying property taxes unless the property tax increase is due to the sale of the property in which case the tenant is excluded from the property tax increase for a period of 5 years.

Not sure what neighborhood you're in, but it sounds like it's a class C/D property, which will naturally have a harder time attracting tenants that will (a) pay on time, (b) maintain your property, and (c) stay for long periods (which matters in the long run). 

Generally speaking, the developers I work for negotiate feasibility timelines and execute a lease with their tenant during that period and the lease is contingent upon them closing. 

The individual investments may say it’s a 6 month term but the majority of time the borrower or builder needs to extend the term 1 or 2 months but that’s no problem I get a late fee plus more monthly interest.  

What I would do is make sure you have a good long period to get a contractor in and you can pull out if gets to high.  

I claimed about $30,000 in depreciation on my tax return during the rental period.

Then use Airbnb profits to pay off any remaining investments over a short-term period (3-5 years)Take out a separate mortgage and buy the family out?

They can provide guidance on potential legal options and rights concerning the city’s demands and the lender.Negotiate with the City:Seek Extensions or Variances: Your friend can request an extension on the deadline to comply or apply for variances that might allow the property to meet less stringent requirements.Explore Grants or Subsidies: Check if there are any local, state, or federal grants or subsidies available for renovating older properties, especially those providing low-income housing.Engage with the Lender:Discuss Financial Hardship: Present the case to the lender, explaining the situation and the financial hardship imposed by the new building codes.Propose a Loan Modification: Suggest modifying the loan terms, such as extending the loan period, reducing interest rates, or even deferring payments temporarily.Negotiate a Short Sale: If the property must be demolished and rebuilt, your friend can discuss the possibility of a short sale where the lender agrees to accept less than the owed amount to avoid foreclosure.Explore Refinance or New Loans:Seek New Financing Options: Look for other financial institutions or private lenders willing to provide financing for renovation or rebuilding.

I know the home insurance has gone up in the last few years due to weather, but didn't expect it to go up this much.... our estimate was $2200 for home insurance, and it seems like it has gone over that .... we are also out of option period so we probably cannot back out of it now ...