It’s important to have a supportive network of agents whom you can work with as a team, either formally, or unstructured.  

Would never allow anyone to move into a home without applying and be formally added as occupants to the lease, hopefully the lease also holds all occupants/tenants equally and severally liable for the lease. 

But almost always there is no formal access before the sale.  

The presumption is that legal entities are excellent tools, as long as you follow the corporate maintenance and corporate formalities. 

They will get a "Loan Payoff" from the lender....but it would be very unusual for a lender to ask to see the formal note itself.  

I feel like there are no formal "development" education or training resources available and existing developers are reluctant to meet for coffee or provide guidance (which is so surprising to me given the lack of supply.

Of course this is Not what they teach in formal finance school education.

Just so you know on my newest purchase I am looking for renovation money as well as financing and the bank is looking for formal quotes as to the materials needed and the amount/cost of the labor that will be involved.

While there was a verbal understanding that I intended to proceed with the Lease Only Option, no formal agreement was in place.

I would also send a formal USPS letter to the tenants alerting them of the change and how they will pay rent, report issues, etc., going forward.