Advice for Switching Mo-Mo Leases to Yearly

[Zachary H.]

Hello Biggerpockets, 

I hope everyone is having a fantastic Thursday and ready for the weekend. I am currently in the process of purchasing my first multifamily property and recently discovered that the current leases are verbal month-to-month leases. To help with my financing and for my own personal risk tolerance I have decided that I would like to switch the tenants over to a year long lease in writing. Two of the tenants have been in the property for around a year and have not indicated any intentions of leaving, however I realize asking them to switch to a yearly commitment may scare them off. 

Does anyone have any advice or personal experience in structuring how they switch tenants over to long term leases including the notice they give, any incentives that you may give or any other general advice about the process. Has anyone dealt with switching tenants over to yearly leases while going through due diligence on a property and if so how did you get the landlord to work with you throughout the process?

Any advice would be great, I have done many commercial deals and worked with commercial leases extensively, however I am new to multifamily and residential leases. 

Best,

Zachary S. Harrell