They are a nationwide furnished apartment provider. 

Would you be able to provide what you use in another form.

I'm always happy to provide any insight I can for new investors. 

Initial Discussion and Negotiation, Due Diligence and Documentation, Signing the Purchase Agreement, Escrow Closing Process, and Closing, Transfer of Ownership, and, Post-Closing Obligations. 

You said you bought from the turnkey provider.

At OfferMarket, we call this a Fix and Rent loan which is a bundle to provide savings.

If they are month to month, you can purchase the property, provide 60 days notice and have them vacate in order to rehab and bring rents up to market rate.

However, would I be obligated to provide housing (hotel) for the tenant due to being in a lease or do they just need to find somewhere else to live?

@Cyndi Hong your lender will advise you on what’s best also, let them know your plan to transfer it because you don’t want to move it to an LLC and trigger your alienation or due on sale clause if you have one.

It is passive investment earnings, not self-employment income.If you wish to take existing retirement savings and diversify into things like real estate and private lending, a self-directed checkbook IRA would provide flexibility similar to the Solo 401(k).