It would seem that it’s reliant on the tenant to renew their next 5 year extensions.

Basically you will “own” the right to lease for 50 years at a time and then it will need to be renewed.

@Andy Johnson -  I use Auto-pay & Auto-renewal.  

I always run mine on 15 year, I would imagine you are getting commercial financing, so you will be renewing every 3-5 years? 

I have heard several investors mention either 6 months or 18 months term leases, which would push the renewal into the summer months.

Give them a X day (whatever your state requires) notice of non-renewal and get them moved out ASAP.  

I rented an apartment to the "couch surfer" of a really bad (inherited) tenant that I non-renewed and he has paid on-time every month for over a year now.

We would like to use customized leases when we renew the leases.Any recommendations for good real estate lawyers for this purpose would be greatly appreciated.Thank you.Jennix

On the flip side, what’s the best exit strategy for NNN investors who have 5-7 years left on the primary lease, are uncertain if the tenant will exercise the renewal option and the tenant doesn’t report rent to sales?

Open concept units each rented at 1100/month annual (technically 2 at 1100, one renewing at 1100 end of Jan).