If the tenant paid the previous owner any security deposits, they would need to be transferred to you, as you will be held accountable for them whether they were transferred to you or not.

So far, my lease has held up in court. ;-)

I had used an S-Corp for a real estate related business (though no real estate was held in it).

Generally speaking; if a Landlord were to agree or intonate, in those jurisdictions where quantum meruit is allowed, either that there would be some compensation against rent for services rendered; or even if a reasonable person would believe that there would be compensation for services rendered, the landlord can be held liable under the theory.There are some defenses in contract against this; such things as merger clauses.

This property must be used in a trade or business and held longer than 1 year.

How long has she held her job?  

This included how much and who holds the earnest money deposit, where the money is held, and what are the terms and/or contingencies that allow you to or the seller to retain the earnest money deposit in the event of default or dissatisfaction with the contract.The questions that you have are real estate 101 type issues but require everything to be spelled out.

I don't see it happening until you've held the houses for a while.

In the end, after a renovation, I can sell a property I've held for a while so I can spin more properties if the opportunity arises. 

Start with the county where all the records are held.