An attorney does not need to be local to write me up a lease agreement, do they? 

I would make sure that if you move forward with this then you get a solid agreement from a real estate attorney for the agreement between you and the owner that you can use on every owner that you use moving forward.

Post #2The purchase and sale agreement (PSA) was signed last week. 

I would review your management agreement to see how it's written.

You could even work with your broker to sign referral and noncompete agreements with these PMCs.

Perhaps we can make an agreement with the current owner where he gives the tenants a CFK offer?  

@Noelia SantosThis should all be spelled out in your purchase agreement.

Sounds like your wife wants to be mortgage-free, which I can understand at 70+ years old, but if the new mortgage payment will be reduced enough to make life a little more comfortable, she might be in agreement.

Talk to the owner, end the agreement and make a great place for your tenants to live and park again.  

The lease agreement was month-to-month and was never renewed the caveat is that he had roommates move in some time between his tenancy there, which were never added on the lease agreement.