They are the big new rage because they can (if properly executed) give you a huge return on investment, sometime 3-5 times what a typical rental would get you....There is a whole sub-forum here on them, check it out.... :-)

If term with time left you can ask the tenant to sign a new lease or give notice of changes (proper according to your state) but you can't just demand they sign it or change things on a whim.  

Too many installers do not size units properly which cause issues down the road.

I hope that you've served the proper notices and the facts of the matter alone will be enough to end their attempts at forcing legal tenancy.

As I said in a prior thread, this may be a good deal if properly underwritten.

Which means if you purchase and manage it correctly, you can increase the income and substantially increase the overall value (even allowing you to borrow against that future equity).But also, there's enough going on that you want to be sure that you do not misjudge or properly conduct your due diligence.Please let me know if I can help.Scott  

$50k for very little work but it isn't even the amount of work it is the competency and not having to go through an intermediary who may not posture properly, may not negotiate properly, etc. 

Seeking proper Exchange advice is critical.

Thank you for taking the time to comment.I should mention that it has been about 2.5 years, and the nail came through the middle of one of the pieces, practically shattering it (don’t really know how else to describe it).There are also a few spots where the installation doesn’t seem like it was done properly as the vinyl pieces have moved away from each other, creating open spots.

I'm not sure on the specifics in North Carolina but as long as you give them proper notice you shouldn't run into any issues.