If the tenant stays past the term of their lease they would be what’s known as a “Holdover Tenant”.You can research online about how to handle a holdover tenant.You may end up having to evict them and also file a separate suit for damages/cost of not being able to move into your new home - like staying in a hotel or having to put your belongings in storage.Another option could be “Cash for Keys” where you or the current owner agree to give $1,000 (or some other amount) for the tenant to sign a legal agreement stating they will move out by X date.

I was running by and saw peopleCleaning out in hazmat suits.

What tax or downstream effects should the buyer be aware of?

Met with another attorney and he stated that since we now know about the problem we can not file a law suite if we buy the house.

Hey BP members, I bought my first home back in April and am house hacking by living in one half while renting a MIL suite that was attached to it.

The borrower dismissed her suit when the sale was stayed & her Ch 13 BK case was confirmed.

So I am moving it to a LLC to protect it from the high risk factor that comes with developing property which is completely different from the risk of a law suite from a pissed off tenant.

Again, this is a long term play but cash flow does make me happy. 6 - I would read about State Bill 173 that is coming into effect in a couple days.

Would this effect my ability to purchase the home as a residence?

When people lose confidence in the economy or loose their jobs, it has an immediate effect on home sales.