When lease renewal time comes for our tenants, we send a form letter on our letterhead with 2-3 renewal options.

I would knock but also send a letter letting them know there is an ownership change Also, next time you buy i would request copies of leases, tenant info etc as part of due dilligence.  

Good idea to put together a Personal Financial statement and an intro letter to introduce yourself. 

this should be quite easy for you.I deal In philly you would be my go to type of guy.. when I get a letter or call from a philly non licensed wholesaler I don't give it the time of day.. but that's.. me I tried over the years.. but the industry is plagued by beginners who are trying to do as @James Masotti described the very hardest thing to do in real estate.. and like anything sales related.. there are a certain amount that will make it work.. but those folks would make any business work.. the rest they just do what others mention they get whopped up on Hey I am going to wholesale so I can buy and hold.. blow what marketing money they have then just fade away.. seen it for decades.. especially in the foreclosure realm. 

They see lots of Airbnb everywhere including in their community but HOA’s lawyer sent letter to immediately stop renting rooms to people.They are in 5 bedroom house and renting only 3 rooms to 3 people.

Now is the time to take all of the information you’ve gathered so far to craft several offers that will appeal to the seller as I did in the offer examples above.Step 7: Email the Sellers a letter explaining the logic of your offer and illustrating numbers crunches that show how they will make as much or more profit from your FSBO Offer vs a Full Price Offer through an agent.

When does the loan balloon (end of the loan)? 

When the balloon is due, just refinance/finance. 

I know one is fine with 5 year term with balloon payment of the initial principal at the end of that. 

Called several places for loan based on this info, selected one and they said 20% down at 5.8% Term 30yrs and received pre-approval letter.