I've been through situations like this.Hopefully the family pays rent and this becomes a non-issue.If they don't pay the rent, you need to be understanding and kind, but firm.  

Their target audience are professionals with cash don't don't have the time or desire to become educated and are willing to pay/forgo some revenue for a experienced investment relations firm. 

Historically in EBR, though, once the exemption is in place, it is unlikely to be removed unless the property is reassessed, there is a complaint, or some other action occurs to bring non-owner occupancy to light, such as buying a new primary residence in the parish.

I am a firm believer the sun shines for everyone so thank you for all you share and also thank you for bringing awareness about the pitfalls of these mentorships. 

I have seen people buy non-existant properties, bottom of lake (literally underwater), slivers of land too narrow or small to do anything, Army bombing range, expired leases, cell tower now removed, property with 30 year lease and prepaid rent for 30 years, condemned buildings, toxic waste sites, land under railroad tracks, cliffs, landlocked property, wetlands, flood zone, unbuildable property, endangered species habitat, ....I have three rules for buying at Tax Sale:1.

Quote from @Fernando Corona: @Erik Estrada I went ahead and removed the states entirely, you're right that I should be more cautious.

And other questionsIf I was reviewing this for one of the investors that buys SubTo deals from me, I'd want to renegotiate the down, remove the balloon, make sure my investor has 6 months of payments in reserves, make sure my investor can qualify for a refinance in the even the Due on Sale got called.I would need more answers to know if I would do the deal. 

But terminating a lease and require removal of a tenant must go through the EVICTION process if the tenant is not wanting to accept moving.  

I am a firm believer that if someone raises money they should have some sort of experience and also financially have a strong foundation themselves.

@Karl Kauper, There are several ways to mitigage (but not remove entirely) the angst and risk of those tight timelines.1.