Buying a property with tenants - no signed lease!

[Jims B.]

Hello,

We are putting an offer on a property with existing tenants. Per realtor, tenants do not have a signed lease. Tenants have been living there for 9 years and didn’t missed any payments to the landlord. 

I  consulted a lawyer how to do this. He suggested to have an estoppel certificate and serve 60 day notice when we close escrow. We have to flip the property as it is in a bad condition. 

What else are we missing? This is our first time to buy a property with tenants.