How to handle inherited tenants after closing

[Ray Thorsen]

I have been fortunate that the rental buildings I have purchased so far have been either empty or had great long term tenants. I am now buying a duplex from Auction.com and am trying to get a hold of the current leases. I close May 19 so I have some time to get the info but I am not counting on getting it early. I do not know if they are m-m or on yearly leases. I have no history on the tenants either. So I am trying to prepare myself for all situations. I know if they are on a lease I need to honor it. But if they are m-m how do I handle the transition to get them on my lease or out the door. Assuming the rent is due the first I would have 10 days to have them fill out my application to see if they meet my requirements before I could give them a 30 notice to vacate or have them sign my lease. Assuming the worst I could offer cash for keys.

I am looking to BP'ers for any advise on how you would handle it and if it gets to cash for keys are you just happy if they leave or do you put any incentives in your offer for making sure it is empty and or cleaned. Thanks in advance your input.