Sounds like there is a serious misunderstanding. 

It is very important to get everything in writing just to avoid misunderstanding and one person or the other forgetting what was agreed to in the beginning. 

But I think you're misunderstanding what that means.The way you phrased it isn't clear.

Am generally not a fan of inheriting tenants and if I do, I prefer that my lease be implemented, but clearl y that is not always realistic.Thank you though for this suggestion and I am going to try to see if working it from your suggested angle will work here in Colorado.In the end, I want to set up a lease that does not have holes, that an attorney, God forbid we ever have to evict (though these tenants do not seem like the type to cause any issues and I generally am a good landlord and stay away as long as you are following policy, so thus having a detailed lease that covers most all and then just backing off.My inspections are generally once a year, outside of the move-in, move out.I also stay very engaged in the running of my property, thus self-managing as in the end, I strive to provide a place I would enjoy living and I actually live on one of my properties.Long story short, don’t care for the very vague lease that the current property management company has running.Additionally I have little confidence in the way they were managing the property.The property has so much potential but has clear signs of neglect and I intend to change that as I never simply abandon my properties.On the question of current lease, I have combed through it repeatedly and do not see any mention of what happens at lease expiration only what happens when tenants are seeking to terminate their lease, “30-day written notice required”.No stipulation on what is required of landlord at end of lease and/or automatic renewal, both items that I cover in my lease and another reason, why am not a big fan of the existing lease.Leaves out a lot.I prefer having systems in place where there is little chance of misunderstanding, so thus the nerves on this one, but I will get through, thanks to you all for all your great advice!

Feel free to correct me if I’m wrong, I want to be sure I’m not misunderstanding the things I’m learning!

That is the problem.Unless I misunderstand the system (entirely possible and maybe even probable), our supply is backed to labor, which is far from being nothing.

I think I may be misunderstanding your 1st and 3rd paragraph, or there's a bit of a confusion between mortgage and notes.

I'm trying to look at the situation as an entrepreneur, not as a victim.Sorry for any misunderstanding, I have no reason to believe the loan is fraudulent. 

2) Avoid Misunderstandings - be up front and clear about every aspect and with every person - Do Make full disclosures, put it in writing, people have bad memories3) Avoid putting your (career) ladder up against the wrong wall and climbing it - Do think about what you want for an outcome and walk the steps backward on paper to outline how to get where and who you want to be

So maybe i'm misunderstanding something on 1 end or the other...but figured I'd write a post and see if I can get some answers as far as closing in NJ. my total on closing is coming out to be $16,400 and 8,000 of that is my deposit.