4 unit fully occupied with no leases

[Cory Carrigan]

I am looking at a 4 unit multi family property with no leases in the lehigh valley pa.  I am told the current owner operated on handshake agreements.  They are working on getting estoppel agreements filled out for all the tenants.  I will then want to see proof (bank statements) that the tenants have actually been paying rent.  What would you do in this situation?  I don't want the owner to sign all the tenants up for 1 year leases right before I buy the property as I did not vet the tenants myself.  The bank I am working with prefers to lend on an occupied building with leases.  I would prefer to buy an empty building vs a fully occupied building with 4 units who I may have to evict immediately if they aren't paying rent.  What should I do?  Have the current owner get everyone on month to month leases or have them evict everyone before closing, fix up the place and rent out to vetted tenants at market rates?  What would you do?