First Deal - Month to Month tenant

[Mary Nickless]

Hi Bigger Pockets community!

I'm about to offer on my first deal in the state of Florida. The property has been on the market for over a year, mainly because the seller did not want to come down in price. Now he's willing to and just wants out of the property. My ROI is about 15%, $145 cash flow, and I'd only need to put in about $7,000 to update the property and get it rent ready.

The issue: the current tenant is month-to-month, paying about $200 below market rent and has been there for around 6 or so years.  There is no lease.  I asked the listing agent, today, if there ever was a lease at some point or if the tenant had ever paid a security deposit.  Is there any paper trail to show if she pays on time or how she pays. She said she'd "get back to me." (How doesn't she know this?? She's had this listing for over a year.)  He does not want to tell her to move out before closing, because "he doesn't want to lose a renter in case the deal doesn't go through".

Questions:  I know in the state of Florida, landlords are only require to give tenants who are month-to-month 15 days notice that their lease is ending, written lease or verbal-it doesn't matter.  However, is there any other legal ramifications I should consider or that could come up?  Is offering cash for keys a worthy option?  

Should I consider letting her stay for 6 months? I'd be deferring renovation costs and keeping in a tenant (if there is some documentation that she pays monthly and on time)?

I appreciate any assistance or advice.

Thanks!