Wholesaling a New Jersey Rental Property with a Tenant

[Jon DeCamp]

I've been in talks with a potential seller of a rental property in New Jersey. The landlord has not told the tenant yet about his plans to sell, he's at the beginning of the process. The house has a bit of a hoarder's look to it, stuff everywhere. There's one room in particular with a strong cat pee odor. There is also plenty of deferred maintenance. His current tenant has been renting for about 9 years and is currently on a month-to-month lease. The landlord doesn't see a smooth process once he tells the tenant of his plans to sell. I would be looking to wholesale the deal to another investor and make it a quick deal. I don't see how an agent would be able to deal with appointments to show the property and coordinate them with the tenant. Whether it's to an investor who wants a tenant, or someone who would want to rehab the property and sell it, there's plenty of repairs necessary to get a current C of O once the property changes hands. I have read that in NJ, as long as the tenant has not broken any of the rules of the lease, she cannot be asked to vacate just because the house is being sold. She would have the right to re-new her lease indefinitely. Is this correct?