Much the same situation as a group of doctors who forms a real estate partnership entity and purchase a building to lease to the doctors practice entity.Sorry, @Cogit Aretoo

You have a better feel and understanding for the subject tenants than anyone else on this site--cogitate about it and let us know what you end up doing. 

I am sure you see the wisdom in both of these posts, but I wanted to share with you some alternative ideas to cogitate on as you are so young and have obviously done very well professionally. 

I think giving her 30 days notice is more the way I will go (and keeping the rent check), and am cogitating on strategically placing that end date closer to early next year, renters come out of the woodwork for me then (4 rented in one month 2 years ago). 

There are a few things you could consider, not necessarily in this order:A one-year lease/option for the total lease payment to seller of what the current rental is bringing in;Negotiate 'cash for keys' with the existing below-market tenant (might be costly if they are paying 50% of market rent... oh well);Have seller hold financing until you get the unit vacant and finish your rehab, then refi out;Read the existing lease very carefully, to see if there is any opt-out clause or similar means of escape;Try to calculate what the market value of the property 'as is' will be in one year from now (this will only be a w/a guess, but worth considering)  Will it be the same, up or down from current pricing;These are just a few ideas for cogitation but you probably get the idea--look for a way to give the seller/tenant/you a comfortable deal.

I may still do the 1031 with the LLC, however I have a few options to cogitate on.