Buyer must honor all confirmed rentals. Let's say if you were purchasing in June and the owner had it placed with a vacation rental company, like ours, Beach Pros Realty, http://www.beachprosrealty.com,
then you would need to honor the rentals. It's no different then purchasing a year round rental. When the new owner purchases he can't just throw the tenants on the street. The investor would honor that tenant's rental period and then he can do what he wants with the property, move into it, upgrade it then rent it, etc. I hope that helps!