Quote from @Jarrod Ochsenbein: I purchased an existing Padsplit with a DSCR loan. 

I purchased existing STRs that cash flow! 

Quote from @Sean Gallagher: If there is an existing lease, you must honor it.

Quote from @Sami Gren: I start by making the original tenant fill out a form requesting to add a new renter, and they pay me a $50 processing fee (I charge a $50 fee any time I make changes to an existing lease). 

I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grand...

If the Owner wishes toterminate the agreement during an existing tenancy the owner will be held liable for payment ofmanagement fees for the duration of the existing lease as well as a $300 + GST cancelationfee.

Is there a pre existing loan with that bank with either of you?

How much do they want you to to pay, to pay off one of the mortgages (or both of their existing mortgages)? 

Have you considered tapping into your existing rental equity for the down payment?

My buddy sold for ~$500k over its existing use value and no contingencies and did not even convey existing tenant’s deposit.