It sounds like the tenant retains the right to leave at the end of a lease, but the landlord doesn't have the right to end the lease.

I personally know a handful that bought from MI and the issue wasn't simply lack of due dilligence, it was creation of false leases, appearances of rehabs performed, rent checks that came in against no tenant placement, all which signal fraud (@Tyler Jahnke 's infamous post on BP).

You retain ownership and responsibility for the property. 

I would like to retain this house and turn it into a mid-term or long-term furnished rental.I would like to move out of that house and into a bigger primary residence which would likely be a $750-850k purchase price.

You'll need the tenant to sign it as well.That said, if you want to retain the tenant there are some things you should consider before pushing the rent way up in one go. 

While asspro works by reducing the target on your back (and by making it harder to collect if it gets to that), unless you structure the whole thing very well, and have your lawyer/trustee sign all your documents throughout all your transactions, from the beginning, you will leave a paper trail behind yourself, relatively easily identifiable if you become the target of an educated person. c.

All tactics to save time & money.If this advice seems unprofessional you can send me a $10,000 retainer (first of many) and we'll go fight the bad guys, win justice and protect the American Way!!!

@Wade Wisner tapped out... checked out... quit...I think its from "fights/sparring" where you "tap" (your opponent, the mat, whatever) to signal your submission.So, looks like @Steve Vaughan got out of the business in the spring of '22...

Very professional site, more data than you can shake a stick at with very little input required by you, and it can help retain owners and increase sales.

Not a good deal...you retain too much risk and CAPEX for little benefit