If they don't want to stay, they must give notice in writing and be out within 30 days.Give them a deadline to make the decision (one week is sufficient).

Generally speaking, have any of you invested in this area and been successful?

It is rather confusing, and I would have your attorneys go through it as well if you decide to proceed.Gino

The property that you sell and then purchase through a 1031 Exchange must be held for rental, investment (capital appreciation), or used in a business. 

To qualify as an RE Pro you must:1.

I have dealt with this type of transaction many times.

I came across some critical information today that I think is important to share with you:In the aftermath of the LA fires, it has become evident that some homeowners’ insurance claims have been denied or disputed because the property title was held in a trust, but the insurance policy was under the individual homeowner’s name.This serves as a valuable reminder to review your insurance policies and ensure that the ownership structure on your property title matches the named insured on their policy.

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.

You’d have to convert your LTRs to STRs.

Building built as multifamily tend to have more sound damping, particularily the newer the construction.