All is good, most leases say something along the lines of if they expire they'll extend month to month and the tenant just needs to give 30 day notice or something to stop.

It's rare for a flip to go perfectly right (especially if you're a 1st timer or if your project needs a permit or your contractor/partner screws you over), and we've had to extend/refinance a few times. 

I prefer states where my children are, so I have a reason to spend extended period there, and able to spend time with the kids too.  

I would get out of that property as quickly as you can and go put your money to work in a good property, otherwise your just extending the loss and pain.While I'm not an attorney, and I'm not giving legal advice, It's very common for bad properties to attempt to make things look nicer than things really are, as they want out.

DP: There are a few key issues or gaps here.First, a landlord policy carries what’s called “premise liability,” which covers bodily injury at the premise only.It does not extend beyond the premise.

@Richard MorenoThose properties are good; however, you will have to make sure your margins fit the holding period, which will be extended due to the eviction process.

If you can't for whatever reason, you risk foreclosure or paying more fees to extend if your lender offers it.

A little work netted her 30K in cash and 22K in available credit on her cards, most of which was interest free for an extended period of time.

SEC 8 tenants want to live in the neighborhood where their extended family lives, which generally trumps it being in a bad neighborhood if they don't have their own transportation.  

You would want a lawyer to review title to make sure there are no issues there, you would want a good inspector to make sure there are no structural or mechanical/electrical issues, the typical stuff for a residential purchase, but maybe go the extra mile since you are unfamiliar with the area and not there for an extended period of time to keep an eye on it yourself.