Any material change in the terms of sale, the tenant association right of first refusal is reinstated.Despite this being a pilot program, there is no defined end date for the tenant opportunity to purchase provision.Rental properties in the pilot zone are subject to further regulationsIf a purchaser purchases a rental property and uses any public funds in the purchase, then the rental property shall be maintained as affordable housing for no less than 30 years.Landlords may not evict for any other reason than serious, or repeated violations of the terms and conditions of a lease or occupancy agreement, otherwise defined as “just cause eviction.”PenaltiesAny person who violates the requirements set forth in this ordinance shall be fined, not less than $200 nor more than $1,000 for each offense.

My advice is to start by defining your investment strategy and identifying the market you're interested in.

A termination agreement with a defined move out date.

I would define it as a property that has been abandoned by both the owner of record and the lien holders.

Define who you want to serve, and then determine which market offers you the best chance to provide the housing they need.

I was offered LTV of 54%, 6% rate from a commercial lending institution but that LTV isn't feasible for me and was definately a lower LTV than I expected.

I would absolutely collect that from them if they were properly notifiedCan you define what you mean by notice?

If the dues are exorbitant or there isn't a clearly defined value being brought to owners, maybe pass on it, but I'd say by and large that STRA's are well worth what is usually a pretty small individual investment. 

If they have their own maintenance person be sure to define what maintenance they will be doing and what you will be responsible for.

Define what you know to do, cause right now I am not buying that.