It automatically a sole proprietorship.  

The buyer of a multi is automatically an investor and the value will be dependent on what rent the property will fetch.But more directly to your question, if you maximize the value of this purchase, will you have sufficent funds and credit to scale to another deal? 

Otherwise google local and state landlord handbook.) will tell you if expired leases automatically become MTM.

It's an automatic thing because the price wasn't negotiated.

If they would like to draw automatic payments from your account, I don’t see an issue.

Either put in an automatic step-up rate; or a clause to re-evaluate and increase up to X percent of initial rate based on local progress and market; or simply let it revert to month-to-month and watch the market.

If it is not in writing the Lease is automatically a Month to Month Rental Agreement.

The best is that I can tell you all of my historical data and I have my own dashboard that automatically updates and presents me with the snapshot I need.

I will also recommend that you test some property management software that has automatic rent collection and accounting automation. 

When I think of a big barn, I automatically think of wedding venue.