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.

I know you have to give your tenant enough notice per what's outlined in the lease but wanted to get feedback from the community of landlords on how often the check their investment?

Outline how you applied his/her last payment and how you calculate the short rent amount.

I outlined above the difficulty and in reality almost impossible collection of a judgment from a tenant in Texas:- Garnishment is not permitted -Homestead in exempt- Car is exempt -Personal property up to $30,000-Retirement Accounts - I could add the cattle and sheep as wellHow many tenants have asset above and beyond this ?