Review their management agreement.

Hi Sridhar, Check your agreement for any clauses that relate to the condition in which the tenant must keep the property and their responsibilities regarding showings.

However, there is a significant risk factor here due to the "due on sale" clause found in most mortgage agreements.

Novation Agreements!

I'm not sure of the stats in your area.You have to know how to write up a purchase & sale agreement and open escrow, that kind of thing.

Be advised, military personnel are not bound to lease agreements if they get orders to PCS to another base (permanent change of station) or deploy. 

A wrap-around agreement is a type of secondary mortgage financing and involves the buyer paying the seller directly for a residential property — often at a higher interest rate than the original mortgage.

Being new to real estate, I was not aware of articles of organization and operating agreements etc.

I was wondering if anyone has any great attorneys that specialize in creative financing such an agreement of sale, letter of intents, promissory notes, etc.?

Negotiate "transferrable purchase agreement" with homeowner, price at that 60%+/- ARV number; contract for long escrow (90 days to 6 months, as possible)3.