I have an appointment with JAG next week to work out the legal issues in order to cover myself just in case there may be an issue in which your speaking of. 

As you said, you have no legal claim to the property so you actually have legal rights to file a memorandum since you have no interest.

We have a legal 2-family house under contract in Roxborough, Philadelphia.

The legal agreement you will have with them as the new owner will be what you have to honor - that should give the terms upon which you can cancel the lease or when it will expire and you can choose to renew it.  

You are going to want to talk to several professionals in your state for this one as it is a legal maneuver that amateurs or even professionals not familiar with the details of your situation on the internet probably aren't going to be able to help with much.

My husband worked at legal aid until just recently and spent a lot of time in eviction court while he was there.

In Canada we aren't allowed legally to take a deposit for potential damages, instead we take first and last months rent ahead of every lease . 

Limited Liability on you personally: If you were sued (a tenant is injured on your property) or had a legal case against you as a landlord, it would be against the corporation and not you personally so it can assist in protecting your personal assets in this type of situationThe title of the property will be in a corporate name but you, the investor, will be required as the owners of the corporation to also provide personal guarantees.

Tons of legal advice.

If the shower was fully built before it was caught that it wasn't legal, I have serious questions about the ability of the inspector who signed off on the rough inspection (or if he got one).