This letter is the required written notice before the ejectment lawsuit against them, to either vacate the property voluntarily or sign a lease with me.

If the owner is up to it you could get a "lease option" deal which you rent for a while and then buy the property at a future date that both sides can live with. 

Lease dynamics - MTM vs. long-term lease - are governed by the market more than anything else. 

I got approved for an apartment, but they want a deposit before I’m able to view the lease?

Now we need a Kentucky lease that is up to date with state laws.

*Edit, one more question about comparing lease options with wrap around mortgages.

When owners of property we manage ask how long will it take to 'turn it over' the question really translates to this:  IF the property is 'rent-ready' (showable), IF we have access, IF it priced according to market, THEN it normally takes 2--3 weeks for a vetted, fully qualified tenant applicant to sign a lease.3. 

That may imply that there is more value in the property but I did comps as best I could from recent Zillow sales and I'd rather be conservative.I have seen @Brian Gibbons talk about lease options and lease option assignments and I mostly understand how the numbers work there. 

My partners and I are having a conversation about when to not renew a lease if your tenant has a good payment history.

Even then, they would all need to be on one lease not separate leases, which is somewhat difficult to set up.