Good morning BP, Just closed on a property and putting together a leasing agreement for an existing tenant that has been month to month until now.

Hi All,I have been under the impression that, when a property with existing tenants is sold in the state of Massachusetts (and elsewhere in the country, but I am looking for information specifically regarding MA), any existing rental agreements between the seller and tenants are automatically assigned to the new owner.

It is a very saturated market.

It looks to be in descent shape, I'm just wondering down the road if I have to replace with an asphalt roof - is in considerably more to tear off the slate than a normal tear off of asphalt shingles?

If you really wanted to you could probably glue the tile right to the plywood or existing counter and it would probably last a while.

Are there, perhaps, better located new or existing subdivisions that would be able to offer nearby parks, shopping, restaurants, access to a lake, etc.?

See this thread, https://www.biggerpockets.com/forums/588/topics/528983-northern-virginia-nova-mfr-non-existant, for some folks discussing the same issue. 

Great idea- I don’t even know that a state specific forum existed.

However, this person would likely want the existing equity and/or monthly cash flow out of the situation - leaving you in a worse equity position, and possibly with a higher cost of living monthly to stay in this home. 

Land is cheap while developments exist on paper.