Am generally not a fan of inheriting tenants and if I do, I prefer that my lease be implemented, but clearl y that is not always realistic.Thank you though for this suggestion and I am going to try to see if working it from your suggested angle will work here in Colorado.In the end, I want to set up a lease that does not have holes, that an attorney, God forbid we ever have to evict (though these tenants do not seem like the type to cause any issues and I generally am a good landlord and stay away as long as you are following policy, so thus having a detailed lease that covers most all and then just backing off.My inspections are generally once a year, outside of the move-in, move out.I also stay very engaged in the running of my property, thus self-managing as in the end, I strive to provide a place I would enjoy living and I actually live on one of my properties.Long story short, don’t care for the very vague lease that the current property management company has running.Additionally I have little confidence in the way they were managing the property.The property has so much potential but has clear signs of neglect and I intend to change that as I never simply abandon my properties.On the question of current lease, I have combed through it repeatedly and do not see any mention of what happens at lease expiration only what happens when tenants are seeking to terminate their lease, “30-day written notice required”.No stipulation on what is required of landlord at end of lease and/or automatic renewal, both items that I cover in my lease and another reason, why am not a big fan of the existing lease.Leaves out a lot.I prefer having systems in place where there is little chance of misunderstanding, so thus the nerves on this one, but I will get through, thanks to you all for all your great advice!

The contribution period will be 1 year, then I will have enough saved up to cover 3 months of expenses. 

@RussellholmesYour broker course covers the law, not "How to buy and sell real estate".

With that in mind I have asked to either push the closing until the eviction is finalized or concessions to cover the two months it will take to get her out. 

I know he covers a good portion of the Denver and Boulder area.

Your tenant's rent will probably cover most of your Mortage.

Does homeowners insurance cover leaks from one apartment into another?

@Victor Mondragon  You almost always have the option of taking a slightly higher rate and getting a lender credit to cover closing costs.Instead of paying points to get a lower rate, you get a higher rate and the lender essentially gives you the points.If you are being quoted 3.875% with no points, perhaps a rate of 4.125% will give you 1 point back as a credit. 

I could carry both mortgages, but I would not be able to cover a downpayment + what I would like to have in reserve for my own residence as well as a multifamily.

You said real estate has 30 year cycles, yet you circled 10 cycles on this chart that covers a 120 year period.