They of course own the improvements for depreciation purposes for the duration of their lease. 

@Jack McWatters From what I've seen, the easiest to convert to apartments are extended stay hotels/motels that already have a small kitchen + a bedroom that's actually walled off and separated. 

It is possible the owner has over extended his/herself on the property and have a bottom line number they need to walk away without money out of pocket.

@Caleb Bryant @Matt DeMastus   I will absolutely extend the invite!

It will likely be extended, also Judges are very fussy about procedures and paperwork.

The reason I am writing this post is because I will need to send them the option to extend their lease next month and want to explore the different options I have as a landlord to value and retain them.

We have decided to relocate to the Fort Wayne / Columbia City / Tri Lakes area to be near her extended family and reduce our expenses dramatically.

Expect significant deferred maintenance, not to mention total degradation of the major systems (electrical, plumbing, HVAC, roof, etc.).What are the terms (payment, interest rate, duration, etc.) of the underlying mortgage?

From what I gather it's best to run the numbers as if it's a commercial apartment extended flip.

The SFH home we thought we had rented as the tenant was going to extend his lease, but that didn't pan out so we still have that one on the list, but 3 out of 4 ain't bad!