If they have a lease you are obligated to the terms of the lease until the lease expires and there is nothing you can do, but that's part of your due diligence in making this deal.If you want to raise the rent on them, the only way may be to get them to sit down and work out a deal. 

It doesnt always work out so smoothly but you get the picture! 

Just ask tell the Tenant what you want to do, and ask them if that is okay and work out a time table with them.

Personally, I would figure a way to be one the mortgage without mom simply because the family situation may cause problems down the road if things don't work out.

It's time intensive - so management fees should be high.3) Let me know if you're planning to hold on to the property.

@Larry ElwoodHow'd that "software" work out for you?

I think I am going to start with small habits and just ramp them up every week of the competition, use the HabitRPG app, the 7 minute workout in the evenings and a longer workout in the mornings (P90X or running).

It doesn't always work out that way but they are hedging their bets.Credit score looks decent at 740. 

@Rob BelandGreat post with lots of meat on the bone to chew on, while contemplating which side of the fence fits the reader.In your case, clearly you are a landlord 1st and investor second and that is solidified by your occupation announcement on BP as well.Yes, the fact of the matter is that there are individuals who are really REI focused and are hiding behind the cloak of a landlord to sustain their income stream, while not servicing the tenants who are the lifeline of their business.Some are called slumlords and rightly so.My take is that you can wear both hats equally as a REI and landlord, but, landlording is more labor intensive as you know, than being a pseudo REI centric person or to put it another way, a money grabber who has no empathy for the source of funds generator......the tenant!

Good Luck, I hope the numbers will work out for you in the end--Congrats on the purchase!