@Drew Adam-- Does the existing landlord have one?

They exist in both plastic and metal, but I think I'd use plastic in a bathroom. 

The existing tenants either got very excited and happy or scared and left! 

Any word of advice on repositioning the property after closing on it, raising rents on existing tenants?

From my experience, a good rental market neighborhood exists for 3-4 months.

$150 for the yearly renewal of an existing tenantShe told me I can modify the contract to these terms, initial, and send it back.

looking at the financials and tax returns are SOP when buying existing multi family at least on the deals I have brokered..

If you never raise rents on an existing tenant in a rising market, you may end up way under market and not keeping up with increases in insurance, taxes, planning for future capital improvements and other expenses.Small increases when the market is rising are a very good way to keep a good tenant as they won't find anything better when they look around as long as you keep it on the low end of current market.    

facility,property,unit doesn't have to have a pre-existing approval.

How do existing home sales come into play?