I recommend that you talk about these issues with the REALTOR who is representing you on the purchase and the loan officer who is obtaining the financing for you.
You have asked many important questions and is very hard to answer them here as their can be many variables. In my opinion you need to pick a good Realtor to work with first. Once you have a good agent helping you they can answer all your questions and help you get pre qualified for your loan.
Realty World/Blue Property Group
cannot have any contract for rental after close of escrow but as far as the existing
tenant is concerned I believe the buyer could have a lease agreement with the
existing tenants who could remain after the close of Escrow. Important thing is
to disclose this to the lender approving the short sale and get their OK or disapproval.
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AMICI REAL ESTATE
BRADLEY R. WILSON
488 Blossom Hill Rd. Suite B
San Jose, CA 95123
DRE 01491944 NMLS 340990
Direct: (408) 228-7867
FAX: (408) 273-6975