It means you do everything you need to do to be satisfied that the property is acceptable and safe to purchase.You check the title for liens and encumbrances, perform physical inspections of every part of the home to look for hidden problems,check with the city permit office for code violations and verify any additions or changes have been permitted and are up to code,and figure out the numbers on how much the payments and cash flow( if any) will be during the time you own it.

They just have to satisfy all liens when they do sell it i.e. short sale, payoff the liens etc.After the commissioner sale the property now has been "foreclosed". 

Now I underlined may have since it's debatable whether the above language satisfies the Plain Language Requirement for residential leases.But in any event, the notices are just a piece of paper that you need to deliver to the tenant before you can start an eviction action.

So here goes:- Verification of funding: This one is fairly easy as the property acquisition would close through a title company, and the title company would need to make sure there is sufficient equity to satisfy the lender requirements.  

@Garrick Solberg Here's a suggestion - buy a multi-family property for 5-10% down because you'll owner-occupy it, then just leave one unit empty for 12 months to satisfy the owner-occupancy requirement -  you will "live" there - get your mail there, pay all your bills from that address, etc. - and you can still rent and live in Seattle during the year.

You will end up with tangled finances and you don't necessarily want to be in a situation where you *have* to liquidate at a certain point to satisfy one party.  

But I assume you'll be doing extensive due diligence before you purchase, anyway, so maybe the tenant will  be satisfied if you just share your inspection reports and the building plans, environmental reports, surveys, or whatever else you'll be undertaking anyway. 

Only properties acquired with the intent to hold for rental, investment or business use will satisfy the tax-deferred exchange requirements.

Taking something that's run down and old and making it desirable again...it's just satisfying all around. 

I have just graduated and passed the licencing requirements to become a real estate agent, having purchased a few property's before and never being satisfied with my agents, I decided nobody will be a better agent for me, than me.