Usually, the notice to renew or vacate is sent 30 days before the end of the lease, so to expect your tenants to sign a renewal 5 months before is not realistic (I wouldn't sign something like this unless I was extremely clear on my long term plans and the rental deal was excellent - there is so much that can change in 5 months).Ultimately, you need to take ownership of your mistakes - you are supposed to manage the PM.

@Victoria L Richardson Tax Certificate sales are even different....you have no ownership whatsoever, no possession, no ability to rent.

I would start by reviewing the tenants lease to see exactly what the terms are that you will have to assume for his management services and if in fact you would he required to grant him 6 months before terminating his rental agreement.Also, in the event you own the property and if in fact the tenant does successfully put a lien on the property during your ownership, you would need to have a court order to remove it. 

, keeping a tight eye on expenses during ownership/managing, planning ahead for repairs/maintenance and catching things before they become a bigger issue, and just overall being very involved...but before you even get there, you need to get educated...on the market, on financing, legal/risk mitigation topics, property management, etc. 

Are there others who have an ownership claim, like relatives or a former spouse?

A cash out refi only requires 6 months of ownership.

Hey Evan, I'm a bit confused on what the lender is needing for the operating agreement for the 2 separate entities that will have joint ownership on this property. 

Part of the ownership means you could get drug into their financial mess if it goes badly. 

Yes, you pay them back by getting a new loan on the property. 2. 6 months to 1 year of ownership is the norm. 3.

Because of this our ownership system is based off of how much money we have invested.