No, your lease will remain in effect and pass on to new owners of mineral estate. 

There are some new guidelines going into effect in August 2015. 

Just my opinion however.Here is a stabilized look at the property:9,500 market rent (all 14 units at the rents you mention above)- 15% for vacancy, concessions and loss-to-lease = $8,075 effective gross incomesx 50% expenses= $4,037 monthly NOIx 12 months = $48,444 annual [email protected]% cap rate (lowest I'd go in this area) = $569,292

Very relevant as we all do our yearly tax rituals (whatever yours may be)...The Schedule E is not ideal, but for round peg expenses (that are legit "ordinary and necessary" expenses, and the IRS and tax courts have lots of info, be it regs, opinions, and decisions on that) that do not fit in their Schedule E round hole categories, I try good ole' Line 19 and I even write in a couple (be it condo dues or cell phone) that are major contributors to the category in the small space provided.

I do not fit into this category.I learn through experience, and I have invested in my properties after extensively driving and walking the neighborhoods in which they are located.

Phone's too small so I'm still off the grid until it's fixed or I buy a huge pair of magnifying glasses.

I'm just trying to help provide for my family and notes "fit" the circumstances of my life as it is right now.Dion and Scott have given me the rest of the nuts and bolts to try and determine a way forward that (hopefully) excludes any close encounters of the worst kind with the FBI, the SEC, the CFPB, the FDIC, the DOJ, DHS (they are into EVERYTHING) and ALL their friends in acronym hell.  

Due to the age of the system (16 years outdoor unit) (11years air handler) and the current EPA phase out of the old r22 refrigerant I recommend the heat pump system be replaced.”Neither company is willing to replace any parts on the unit due to the age and not being able to warranty them.Here is the scope of work for the price of $3750Install one new indoor air Handler with 10kw heat strips,Transition duct work to fit the new air handler,Install outdoor heat pump,Connect all high and low voltage wiring to indoor and outdoor units also to the thermostat,Install in-line PVC P-trapClear PVC drain line,Evacuate system and charge with refrigerant,Check/test system.Install Honewell digital programmable heat pump thermostatComplete system install will come with a 10 year all parts and labor warranty.What do you experts think?

You should do some research as to which custodian fits your needs the best.

I know with my clients exactly what their investing goals are and that if we come across a property that fits their investing strategy (buy and hold OR rehab) they are ready to pounce.