Lastly, I would review your current lease with your attorney and amend it to reflect the new commercial exposure. 

@Julia Amelyan The terms of lease are typically in force until the lease expires or the parties agree to mutually amend or end it...interesting scenario...do the lease terms call for an increase in rent for the land?...

@Jake Stuttgen start with a review of all the recorded docs against the property which will appear in a title search--Declaration, By-Laws, Amendments, etc.  

When Alex took on a partner the deed had to be amended to include his new partners interest.The property can and will cash flow once it’s rehabbed.

The management told me to make the change on the lease end date to one year, initial it and have her initial it.She's refusing to answer the phone or email so I am sending the amended lease to her and will ask her to initial and mail to the coop's management company.  

You should have been doing this from the start, and should amend all years that you have not taken depreciation.

But that's the laws where I live and your mileage may vary.If I wanted the change to go into effect immediately, I would need the tenant to agree with and sign the lease amendment. 

As the last act before the summer break, the amendments to HB 390 adding the foreclosure language were agreed to by the House and Senate.

Our real estate investments have surpassed my imagination so we're looking and having our Trust Protector amend the Trust into a Platinum Complex Trust for tax reasons.

I would ask the applicant about the incident and what they have done to make amends and clear their record.