If that all goes well, what is the best way to handle the existing contract? 

It includes coverage for the existing structure and the renovation (value increases because of the items being added or upgraded.   

Since the appreciation over there is pretty slow, I feel the best way to make it work is to improve the value of existing properties. 

Existing tenants will have to show proof of vaccination.

From there, a contractor to bid the plan set and a real estate agent (highly experienced with RE investing experience) to analyze the difference in value from the existing use to the new use.

Does anyone have experience with purchasing a multifamily property that inherits an existing bulk cable contract that is horrible and was there any way you were able to terminate?

First I need to get rid of all my existing debt, then I want to tackle investing in single-family homes to build my portfolio.

I want to raze the existing structure, subdivide the property into 2, and build a new duplex, which has been done to numerous properties in the neighborhood.

.- Communication between the PM & the existing tenant was not great during the purchase process (had to reschedule the inspection three times), however communication between myself and the PM after closing has been okay.- Scheduling repairs after closing has been tough as a result of the holidays & general lack of labor.Rough estimate of numbers (assuming 5% vacancy, $780/yr in repairs/maintenance, 10% PM fee, $480/yr insurance, $1227/yr property taxes):Current:Expected based on Rental increase to $670 (assuming tenant accepts increase, rental increase would be starting 02/01/2022):Expected if tenant decides to move due to Rent increase (PM company estimates it to be possible to rent at $725-750/mo; keep in mind this doesn't factor in costs to make rent-ready (if any), as well as the cost of getting a new tenant):

You are not just buying a revenue stream that only exists today.....you are buying that revenue stream that exists in the future.