.: You can't change the terms of the lease without agreement from the original tenant.

for me its just showing past performance.. and kicking the dirt..

I'm definitely getting more education and investing in more liens, not only for passive income but as a vehicle to acquire properties as I've come a long way in my investment business and do actively buy and sell houses. 

It may be a good idea but I'm not sure how long it's self-sustaining. 

I was looking to have it convert to a long-term mortgage and eventually cash out refinance to build a second duplex once enough equity built up 

Yes you can buy 2 properties as long as the combined price is the same as the net sale price of the one sold @Dave Foster is the expert and I use him for all my 1031 transaction.

Hi Jen,When considering the purchase of a condo for short-term rentals, especially one that’s around 40 years old, it’s essential to approach the process thoughtfully.

This is the best terms I have seen in the market thus far.

The legitimacy of the contract probably only really matters if you have to go to court/arbitration to enforce it.That said, your title company would be a good place to start in terms of getting a legal review, I'm sure they have a real estate lawyer(s) on staff or retainer depending on the state.

If the due on sale is trigger I also have my back up plan (just realized that some old freddie mae) does not have this clause on its terms).