buying with an undermarket tenant in place - advice sought

[Shashy B.]

Hi all,

I have an offer out for a 2-unit property that comes w/ a tenant who is paying 1/3 of market rent. The sale is contingent upon keeping the tenant who is related to the owner. She appears to be in her 80s and disabled. Her unit is not rent-controlled. Her family just wants to make sure she has an affordable place to live.

Before going into contract (and incurring legal fees), I'd love to hear some of your insights on taking on such a property. I already have a number of terms I'd like to include in the contract re: access to the occupied to the unit during rehab, lease termination clauses, etc. 

Thanks!