Sib, I am going to be harsh here and for only one reason, to PROTECT YOU.If you don't know the answer to your own question, you should not be making offers yet, you should be studying and educating yourself first.Now, to answer your question, in TX, you should be using the standard TX purchase agreement which includes an "option" period.

Any drama issues with the tenants so far?

With many of these low income tenants, life is filled with drama.

For many contractors and investors it's "out of sight and out of mind".They play stupid.The cost they save on not doing it they will play stupid if they get caught and then negotiate the penalties.It's kind of like when an oil company back in the 80's would save 10 million doing illegal dumping and when finally caught would pay only 2 million in fines so they kept doing it for awhile until the penalties were so harsh there was no benefit anymore.Do you think asset managers on REO's,or uncertified contractors, or listing brokers will mention this stuff to buyers??

Maybe a little harsh. ha

It's been a harsh but important learning experience.ASSESSMENT  My first big task regarding REI is assembling my team.  

I know it sounds harsh but the reality is that people's lives change daily and you never know if it is going to be your best friends life, your partners life, or yours.

Very little drama to have to deal with. 

The cost for a tenant to move from a great landlord and home is significantly higher than the 5% so they will stay and probably say thanks.If the previous year had some drama at the home the tenant wasn't responsible for such as a flooded basement, leaky roof, rodent infestation, noisy neighbors, etc.... you may get some push back on the increase and the excuse they need to move.  

Large apartment building in a very expensive section of downtown DC filled with Section 8 and elderly Chinese tenants, lotta drama, and the city council got involved.