We would like a conventional loan where the PMI at least expires at a certain equity %.2) Remodel Home - We estimate our home could use around $30,000 in improvements to realize full value.

Even when the lease expires, landlord cannot let the tenant go unless tenants are under reasons for eviction, like non payment of rent.  

We also will have a deadline date/time that they must vacate the property by, and after that date/time expires, they will be penalized on a per day basis.

Assuming your numbers are solid and you plan for a bump up in interest rates in 5 years after your initial loan term expires, I'd say go for it.  

[I suspect not, unless your lease has expired anyway?]

I want to lock them in within 30 days of expiration.

My recommendation is three months after they move in and three months before their lease expires.

The old one long expired.

The new owner would have to honor the lease until it expires.

I would be watching for expireds and only be looking at listings that were 90 days old.we are doing just fine with this method.. we buy nothing off market