Small multifamily that needs work but has existing tenants

[Andrew Myers]

To the BP community, what are the strategies out there around purchasing a small multi-family property (2-10 units) that needs work but has existing tenants?  Do you wait until the leases terms end before making improvements?  Break the leases (if possible), do the work, then re-lease?  I'm sure there are some legal considerations as well.  

Any insight and experience shared is very much appreciated!