The age of the shingle roof is 20 years ++ and it might last another year or two depending how bad the weather gets.The contractor (sellers contractor) says they will issue a letter that the roof have atleast 5 years life remaining. 

In fact, I often see many newer investors in here talking about their 5 year balloons on their properties.

As I recall, our term was 4 or 5 months.Hold a Quit Clam Deed in Escrow - Have the closing agent draft a QCD from you back to her with instructions to record it in the event you either go out of business or you can't meet the 5-month balloon term from suggestion #1 above. 

If they do exercise their option, the lease contract is terminated and a new owner finance contract begins with monthly payments of $1K/month (same as lease agreement) and a balloon payment for the balance is due on the 24th month. 

You have to type up a letter (with specific instructions followed) and send it to  IRS Attn: Technical Services Group Manager  Addressed to the IRS office in which the lien was filed. 

Tracking down the owner can be difficult, your agent can find their name and tax address, but they may not respond top a letter.

Hello everyone,If I plan to buy a property and potentially exit in three hours or less but still I want to have the safety net for 10 years if the market changes what do you suggest.I am concerned about the balloon payments if I took it for 10 years and had to pay back early.

Did you then send a demand letter itemized as to what is owed to you to the tenant at their last known address?

As @Charles Joshua Stallings stated you will need to send a certified mailed letter to the family 60 days before you want them to leave.

So i sent her a demand letter and on 9th oct i filed a small claims case. 1 day later i got a check with $1800 deducted from the deposited and a long letter full of lies saying why shes deducted.