When you go to renew the lease, the renewal will spell out the renewal terms.  

@Matthew L HearnHi Matthew,The tenants are not in the way if they have a signed lease, and you do have to honor the lease once you take over the property.Once the tenant's lease expires, you can always send a letter of non renewal so that they will vacate the unit once the lease expires.Make sure you read the leases carefully and the expiration dateGino

I just saw all my insurance policies come down for the first time (renewal last month) and my condo association is expecting a flat or decrease at renewal.  

Just in time when you might see end of year home prices taking a little dip since some sellers need to get properties off of their back to avoid paying taxes and renewing insurances again for new year. 

So, for instance, re: my family property that needs patching up, would you advise saving 50% of the cost of the renewal before looking into loans and such?

However, annual rents for lease extensions grew by 4%, highlighting renters' preference to renew rather than enter the challenging homeownership market.Looking ahead, the multifamily sector presents a mixed landscape of opportunities and challenges.

The goal here is to move the dial and increase the likelihood a tenant will renew their lease.

If you divide the cost over say 3 years (I've been in over 3 years), it's probably close to the cost of monthly subscriptions to CRMs, batch dialers, skip tracing services, etc.It's another tool in your toolbelt that doesn't have a renewal cost!!

Being listed as mortgagee / lienholder on the policy will also set up a situation where the insurance carrier will send you notifications if the policy is canceled or non-renewed.

A fantastic Wall Street Journal article reviews the renewed interest in vocational training, manufacturing and hands-on labor fields.