How to deal with existing tenants when buying a property.

[Marc V Palmeri]

Hi,

I have a newbie question.  What do you do about existing tenants when considering purchase of a new property?  I am looking at a 4 unit MF and all units are occupied with TAW paying below market.  I want to do a bit of work on each unit (add a half bath, finish the attic space, rip up the carpets to expose the hardwood underneath, etc.).  My goal is to do a condo conversion and sell 2 units, keep the other 2 and increase the rents to market and hold long term.  I'm not sure about the logistics when existing tenants are involved and was hoping BP members could help me understand my options or give me recommendations.  

thanks!

Marc