All the stuff the guy above and I said is pretty standard stuff one should know before leaping into things.

You could just have an agent look it over if its a standard contract/boiler plate form.

Then they might give an opinion if this is salvageable with your current tenants or they need to go.If you get the current tenants out try to make sure the unit is rent ready for the majority of quality renters standards next time.No legal advice or opinions given.     

@Aaron Turner We recently had a tenant that rented a two bedroom unit from us on our standard MTM lease.

Would you operate this facility, or is it net leased to an operator?

I'm getting a fair bit of interest but every tenant who inquires disappears as soon as I share the following qualification standards with them.

I use both as a RE investor between commercial and residential as both can be used on 1-4 unit properties (non owner/investment occupancy).The pro's of commercial/portfolio financing from local credit unions and community banks are that you can:- talk to a local banker/lender who is interested in building a relationship with you over time and is flexible to make a loan as long as its financially prudent and you show a track record- ability to build a track record with- less documentation scrutiny than a fannie/freddie conventional loan which is more ridged because it needs to be sold to the secondary market so all boxes must be checked to do so (otherwise the loan is unsellable or undeliverable)- is cashflow based via debt coverage ratio or DCR method of qualification (Net operating income / debt service) - can fund to LLC's, entities, and businesses with personal guarantee (PG) usually- can do unique loans like cross collateral or blanket notes across an entire portfolio, can do rehab/construction + permanent financing into one (one time close products), can do soft liens and releasable upon progress on your projects so you can leverage equity with temporarily encumbrances, unique disbursements on credit facilities,etc Hope that helped compare the cash out options.

Some neighborhoods you'll find it's a standard that landlord pays. 

This gives you more access than a standard cash out on the property with a fixed loan.

What would you have done in the inspector found a large issue such as significant foundation issues.I never recommend a newbie waive the standard contingencies unless they are willing to loose their good faith money.