Buying property with existing tenants (no lease)

[Aditya Maini]

Considering buying a property existing tenants that have been living there for years. The owner started off with a lease and would renew it every year, but currently they are not under one. Following the BRRR strategy, I want to rehab the units.

What's the best way to go about this? I understand its a business, would something like giving them a month to move out be satisfactory? Even a month delay to starting rehab would slow me down since I am looking to get HML with hefty interest rates.

Thank you in advance.