No waiting period required but the property should be in livable condition. 

The neighborhood and condition were the major draws for this deal.

This is much more stringent with FHA and VA loans with the property appraisal and condition report, they will require the deficiency to be remediated prior to closing.  

Landlord may at its sole option, upon written notice to Tenant,create a month to month tenancy between Landlord and Tenant under the sameterms and conditions of this Lease.

One, the new owner will have to demolish the old hotel, its condition is too far gone to rehab. 

It's going to be another unexpected market conditions which many don't want to play.

Ps.I have a move-in move-out check list and plan to walk the property with them on the last day to verify the conditions before returning the security deposit. 

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus." 

Contingencies at one time were used just to protect buyers from conditions that were not easily seen at contract signing.

How long have the tenants been there is another question and what is the condition of the place?