New Landlord wanting to change lease agreement for inherited tenants

[Candice Hill-Crouch]

I am in the process of purchasing a property with inherited tenants that are being rented for far below market value. IE units are being rented for $475-$500 and market value sits at $800-1125. 3 of the leases are in place till next July. The units are all need of extensive repairs to get maximum values and I would like to update one unit at a time but do not want to wait 10 months before I am able to get in an update the units. I was wondering if any one had recommendations of successfully changing tenants to month to month and or a cash for keys situation when rents are so far below market value. I do understand that all parties need to agree to the terms for it to be valid. I just don't think they will be interested in terminating there leases since it is so low and they all know they will never find a renal this low anywhere else it town. One of my though processes was to send them an agreement for month to month with a letter notifying them that we will be starting an extensive remodel to the exterior of the property as well as the available unit which will result in extensive construction noise etc. and there for they can change to month to month and leave with a one months notice if they find this construction to be a nuisance. I would like to get others thought and recommendations. Thanks so much!