To me, it seems like a big CYA move, which might be necessary depending on the type of people you rent to. 

Would I have to reach out to a real estate lawyer or are there documents readily available to move this forward? 

And, the first trust lien holder is not obligated to move quickly. 

Let them know if they're not a good fit and you need to move on.5.

The other thing to remember is that these corporate entities are not saving you taxes on a rental property.

As I posted this, we received an email that we have a second tenant who is moving in on Dec. 1 for 7 months. :)  Another has been approved and they are waiting for them to sign the lease and send it back. 

Holders of those loans may never sell their house since the cost to buy a different similar house would be astronomical, and unless a move was absolutely needed, they just wont sell.

@Allison Zittritschget started with a long-term rental first so you understand the moving parts of owning a rental and managing,  then branch out on the next one and get an Airbnb. 

Rented my house we originally lived in 12 years ago because we couldn’t sell it when we moved and that’s how we got started. 5 years ago we made a plan and an effort to accumulate multi family properties and did that.

So, they find something in nice shape that will hold its value a while until they are ready to make their next move.