You need to package everything correctly and shop several banks as they all have different appetites rates and terms.

You can get creative with the terms and even throw in some real care like if they attend classes or group then X.

Not the long term take out, but in aquisition.

My suggestion is to come up with a list of questions that are important to you and speak with all these "gurus".Then evaluate the responses and your long term goals to see if anyone in particular stands out and can bring you faster (!)

I am afraid to invest there for Long term rentals as a fear I will be vacant for quite a while.   

My question is... 1) The contract (which I never signed but the tenant applied the rental assistance program with) states that the rent term is month-to-month for 1 year and the lease term is coming up in this May 2024.

A per bed, mid term approach seems like it would be the best approach in its current state.

My long term REI goal is to generate $120k per year in passive income (this number is always going up to account for inflation).

At this point, a good real estate agent can negotiate the selling terms of the property and get a contract in place.

By doing so, you could redirect the funds currently spent on rent towards acquiring assets that have the potential to generate long-term wealth through appreciation and other investment returns.When considering partnering with a turnkey company, ensuring their reliability and alignment with your investment objectives is crucial.Regarding financial advisors, seeking recommendations from trusted sources can help you find professionals with expertise in real estate investments who can assist you in making informed decisions that support your financial objectives.In summary, prioritizing the acquisition of income-generating assets can play a vital role in building wealth and achieving financial security over the long term.