We spoke with our realtor before we changed the locks and she advised us that we could go ahead and do so, however we would like advice from an attorney as well now that you pointed this out.

So I went ahead and became one.

Check their terms ahead of time so you don't cause your self to get into a bind.

Hey @Sean Wait  I don't need that verbiage today so don't rush but if you do get it, then please post it here.

(like it's as if no notice was needed because the term was defined ahead of time.. but I would in the future still make sure you give a notice of non-renewal or you could be stuck as a hold over month to month tenant. 

However in most instances, you're still ahead holding put for the higher priceTo add another perspective on this; I was looking at a hard money lender's loan application and a question was, if you would be selling the property at below market to ensure a faster sale?!

Another thing is thinking ahead as far as space and what not - it would be nice to eventually get into either a larger townhome, a SFH or perhaps even a duplex.

Thats why you buy it right ahead of time just in case they adjust it. 

Hey @Jonathan Darling- like Nick said, you just have to nail your ARV ahead of time.

It would suck for him to get caught up in the middle needing to liquidate all our assets (or enough to pay her out) vs having something agreed upon ahead of time.It's the same reason why we sign business contracts and have business agreements.