That’s where you take over the seller’s existing mortgage payments, keeping the loan in place, which can be a great strategy if they're in a tight spot and you're trying to reduce how much capital you need upfront.

Quote from @Hannah Sillars: We're buying our first STR (an existing one in our town) and I'm planning the interior furnishings (and making all these purchases).

And how do you explain it to the existing or new tenant, so they are OK with it? 

Existing tenant in moving out in ~1 month and may convert use to primary residence or retain as SFR, but TBD. 

It takes consistency and commitment, and few households will have that.Wait until they move out, then clean the place of any food crumbs, etc. 

In the “c” offering solicitation and advertising is allowed, and no preexisting relationship need exist. 

I want to start my journey now so I am ready to commit full time when I retire.

You should never review an existing contract for the first time at the closing table. 

This would not trigger any issues with the existing mortgage 

When we offer lease renewals, we typically present two options:12-month renewal at the standard market rate, andMonth-to-month (MTM) option at a higher rate — usually $200–$300 more per month.The goal is to encourage tenants to commit to a longer lease, especially if the current term ends during the high season.