In one town regardless of what the lease says.

@Chris Bruneau,  A paid off asset, full depreciated with significant gain, owned by folks wanting to exit the landlord business- this is the perfect property to 1031 into a passive commercial asset where the value is the lease and longevity in decades. 

He is willing to sign a 5 year lease with me, I do renovations and then I can rent it out until the 5 years are up (I plan to include a buyout clause if he changes his mind) He gets the home renovated, I get into real estate without having to buy a home right now.

It depends on the state law and what your lease agreement says.

Do they have a lease?

They may want to see leases too if you cannot afford the mortgage on your own.

The existing tenants all have leases with me as landlord and owner of the property (Pierce Lovesee, a single person). 

The duplex is fully rented with signed lease agreements and cash flowing well.I then had a quadplex under contract and attempted to finance this with the same bank and they told me they could not move forward with the loan due to me being “out of state” (I am based in California but moving to Nashville soon).

@Mark Anderson, you have to do your own due diligence and insist upon seeing actual expenses, income, current leases, etc. 

I get $20,000 to $25,000 down from my Lease Option (rent to own) Tenant Buyers.