Sell Rental to Tenant - Lease Addendum?

[Troy P.]

Hi all,

I'm planning to sell one of my properties to the current tenant at some point near the end of the lease period.  I'm curious what others have done and what is the typical sequence of events in this situation.

I'm in the middle of a 6 month lease with it ending this summer.  Should I first get a signed contract with the tenant, then create a lease addendum with the projected closing date and modify the lease end date for the closing date?  Then, if that is not met, create another addendum as needed.  This is my first attempt at this and I'm obviously trying to avoid the tenant living on the property with no lease.  Any advice is appreciated.  Thanks!