That might require a new tenant, some modifications to the unit, or more.

According to these Federal reports, 70% of loan modifications are turned down by servicers and of the 30% that make it to HAMP,..an estimated 1 of 3 fall-out.

Should be able to use a term lease with minor modifications. 

As a disclaimer, I"m not an attorney and you should get one for any contract drafting, including lease agreements or modifications. 

@Wes Rowlette Good to E-Meet you... when looking for a PM company I would say that is most vital thing to your success or failure.

Bankruptcy law is federal, but states are allowed to adopt modifications of some parts.

Have you made any special modifications to your lease agreements for tenants (due to the "rooming house" setup) or do you just use a typical lease with a one month term?

Most agents and brokers realize that claims can take a year or two to surface at least, which is why keeping prior acts coverage is so vital.

Most of the data your looking for will come in the due diligence period, and after you get that data and have done your site inspection, you can go back to the seller and make modifications if necessary.

It is vital that you select a manager you mesh with and will be trustworthy.Beware the Hidden Costs: You shouldn’t pay any more than 8% of gross rent as commission.