His lease from 3 years ago says 60 day notice but this lady would probably fall under the month to month statute which is 15 day notice.  

I agree with Doug Larson, make sure you have a finance clause to fall back on.Do not get pushed around.

Educated - Passive investors:  This is the category where I and many others fall in. 

Falling in love with a property or having self-induced pressure to close a (any) deal can be destructive.

I had a pre-foreclosure fall in my lap! 

What are the tax benefits and pit falls for both options?

With a buy and hold strategy, and trying to look at potential deals as being more or less likely to be successful, I am wondering how this situation may or should affect my analysis.Does this materially increase the likelihood of falling or stagnant rent and property values for the mom and pop units?  

Make a criteria of minimum acceptable standards, and then never make any exceptions for someone who falls below your minimum.I hear time and again that people who are going through an eviction are doing so because they fell for a sob story or made an exception.

I would like to get a building by fall so I want to have my downpayment figured out before then. 

To be a community association manager, one has to be able to deal with the organizational matters, not just the literal nuts and bolts.Many PM companies "fall into" community association management by accident and don't treat them any differently than they do their traditional PM duties.