I find myself in the same situation with an 6 family and want to understand can rents be raised to market and also my ability to BRRRR the property which will require vacancy. 

In my county there is one judge who asks to see the Pay or Quit notice served to the tenant (although, interestingly, in Georgia the statute simply says that a landlord must make a demand for owed rent from the tenant and if not immediately received, can then file for the dispossessory...our version of an eviction).We use a 3 day Pay or Quit notice so the time the tenant has to remedy the situation is short.Gail

What contracts should be used in order to cover both sides and certainly make your prospective lender at ease of the situation?

I'm a contractor and broker, so I can identify with your situation.

HI Manny Pichardo,You are not the only one that has put themselves into a not so good situation and you definitely won't be the last.  

You need to trim down everything to make more sense, the more you talk, the more you confuse your situation.

Does anyone have a similar situation?

It is going to depend on the laws of the jurisdiction in which the property is situated.

Who knows, maybe the neighbor would be interested in a rent-to-own situation!

This new adventure can be as stressful as you make or rewarding as can be.