@Gregory Greene I went through this exercise a few years ago and decided against Vegas because of inferior economic fundamentals.

You used the term "Renew" but are you referring to a predetermined option period or has the Tenant already exercised all options and a completely new lease would need to be negotiated?

In any dislocation those who understand the landscape, are able to exercise patience, have cash available, are confident enough to take contrary action and are able to quantify the risks will profit enormously.

If tenant/buyer wants to exercise his option to buy, is it as simple as getting the mortgage and doing a double close?

We were on the buy-side of a deal and decided to exercise our contractual right to pull out (our notice was delivered during the DD period).

I had an exercise I had them go through similar to what I'm suggesting for you. 

That might include recreational facilities (pool, tennis court, exercise equipment) and beautifully landscaped grounds.

That might include recreational facilities (pool, tennis court, exercise equipment) and beautifully landscaped grounds.We also sent a letter to all our tenants and educated them about social distancing, sheltering in place (if that’s been mandated in your community) and other Center for Disease Control guidelines like hand washing, hand sanitizers and other measures people can take to be safe from the coronavirus.Limit MaintenanceWith many areas under a shelter in place mandate from their governor, as well as a mandate that only essential businesses be open, you should limit maintenance work to critical jobs.

Currently exercising renting to Section 8 Tenants.

A tenant knew the rents would be going up, so they exercised their option to leave at the end of the lease (right before close).