First Duplex- inherited tenant; Want new lease

[Keniya Lee]

Hey Everyone,

I will be closing my deal Feb 28. I'll be occupied one unit (vacant)and there are 2 tenants in the other unit. They are currently on a month to month lease agreement from current landlord. In the lease agreement it's states:

 LEASE RENEWAL:

At the end of this Lease Agreement, Tenant shall have the option to renew the Lease for an additional term that is equal to the initial term of this lease (Term of Lease Agreement) pursuant to the terms and conditions contained herein.

If Tenant or Landlord does not wish to renew the Lease, written notice must be given to the other party at least 30 before the end of the term (Term of Lease Agreement) to terminate the Lease (including any exercised renewal or extension thereof).

My question is. because I want the tenants to sign my updated month to month lease with a few changes like: screening,required rental insurance and have will have to pay for garage access. How do i go about this? I know I have to provide the 30 day notice but what is the notice? lease change; terminate of lease;etc?

Also, a rented payment will be do on the first of March. should I be contacted leases to inform them where the payment can be send? How formal or informal does this have to be?

thanks in advance.

[Keniya Lee]

Originally posted by @Jamie Engledow:

If they are month to month trnants, senf them your letter ASAP.  Include were to send payments and your updated month to month lease rules and requirements.  If you desire more long term 1 or 2 year lease include verbage for any incentives to that.  Key is, notify in writing.

Jamie, 

what should the letter entail? is it like basic greeting and contact information?