If you are interested in purchasing this property and residing in it as an owner occupied, according the disclosure (you presented), it is currently tenant occupied. The current tenant wants to stay and continue to lease the property with the new owner. Thus, the property would remain as an investment property.
Your question indicates that you might like to consider living in the property yourself. First ask to see a copy of the current lease agreement. If the tenant is an annual tenant and the lease indicates that the sale of the property would be mid year of their annual lease, then the tenant has the right to reside in the property until the lease expires. As the new owner you are not obiligated to renew the lease however, you would have to provide notice to the tenant that you do not intend to renew the lease and give them adequate time to find a place to live.
Or you could buy out the lease by paying the remaining monthly rental amount to the resident tenant so that they move on on a specific date as determined by the lease buyout.
Brock Realty Inc.
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