They may gripe that they're losing some territory, but you can talk to them, explain that as a charitable gesture you've dedcided to forgo this years rent increase....You may check with your building deprtment before you knock out, they may require that new construction must look like and resemble the existing houses.

Personally, it cracks me up with they feel that they are entitled to extra furnishings after they accepted the property as is.

Offer to not require an increased deposit (you should get their old deposit from the seller held in an escrow for you) if they leave the unit clean, otherwise, you will deduct cleaning from their old deposit and require them to furnish a new deposit with the new lease.I would say that I am not a lawyer nor do I offer legal advice, I would check with an attorney who specializes in rental law to determine your rights and responsibilities, at the end of the day, you sign with a tenant in the unit, you own their lease as it is written.

I was thinking the same thing, this particular guy said he will furnish the proof of income at the title agency.

This is why I never agree to anything that resembles RTO or even lease with option.

Your situation is a little different in that its not returning anything for you at this time.We have a high end furnished rental that we have had corporate clients in on long term lease and the results are good.

Also consider the resale value.The cost to TSP the walls and all surfaces remediating the oil residue is expensive as is replacing carpet and furnishings.  

Your time horizon is also important here, for a high end airbnb, I would plan on spending at least $20 a foot furnishing it, so you need to make sure you have the capacity to recover that cost too. 

I have learned a little bit about them through research and looked on furnished finder a bit.

We are evaluating our options as it is furnished and we like to have friends and family use it.