It's hard to tell from the language if this is a requirement (to minimize absentee out of state landlord issues) or simply to state who might be working on behalf of the out of state landlord as more of a safety precaution/heads up (e.g.

No soffets, no gutters, missing interior trim on all windows and most of baseboards, a wall completely in the way when you entered, washer/dryer relocate, no drain venting so rotten eggs overpowered you every time you ran water, etc. 

In the meantime, the peach has switched out the doorknob lock and we can’t enter the unit in case of an emergency.

Does this simply mean including rehab costs in the initial loan?

It is simply Subject To or Sub 2 as some put it.

They were simply selling and using all of their techniques. 

I simply have no experience here.Has anyone had a similar experience who can advise on how you handled it?

Can I simply draft up something that states "this terminates the lease I signed on such and such a date."

@Lance Marshallsince you have IRA LLC I'm assuming you wish to invest in alternative assets, otherwise you could simply open Fidelity IRA to invest in stocks/funds.

Also, I'm not one of those 'they sky is falling' fellows, but I would be much more comfortable in this market with my holdings in larger multifamily RE than in leveraged SFH's if we were to enter a recession.