You can outline long term where you want to be and then decide which way would help you the most to get there.

There's been two recent discussions on this site on the subject if you missed it.Here's one: Finding owners You'll notice one fella named Lloyd Stanton outlined what he did to skip trace the owner including putting up a sign on the property.Here's the other one: Finding owners 2 finding foreclosed property owners.It seems the owner lived in the area many years, probably died.

Bring that to the tenant and either explain how what they're wanting isn't as simple as they want so I am not willing (this keeps the relationship strong so they don't feel totally ignored) OR outline that I am willing to improve but I want to make sure the repair is done with licensed/warrantied/insured workers.

your purchase agreement should stipulate that you receive deposits and pro-rated rents at closing. while in due diligence you should get copies of all leases and estoppel letters signed by owner and renter that outline current rents and deposits.no new leases are needed as they transfer to you on purchase.

The best strategy to work around the issue is by using the Land Trust, as outlined in this article.The issue you run into the Due on Sale Trust when attempting to transfer a title after purchase, but since the Land Trust is considered an Inter Vivos Trust and is used for estate planning it is exempted thanks to the St Germain Act.

But if you go through discovery questions and carefully outline the value of your cash offer (besides just the number), and how that offer will work, you will end up securing far more deals than if you just called them out of the blue and said, "I can help you sell your house for cash."

@Nzinga Young I respectfully disagree completely with your post and I will outline some of the reasons why.1.

@Brian Van PeltThe course of action you have outlined is exactly what I am going to undertake.I appreciate everyone here helping me flesh out the situation and figure out the way forward

But in generaly your loan covenants will outline all of this, any reporting requirements necessary, notifications, etc.Generally, the lender will want you to replace management that is not working, and has every incentive to want that. 

Immediately proceed by giving notice as outlined in state regulations.