Removing existing tenants after buying a property

[Ethan Yuan]

Hi all,

I’ve noticed it is common practice for investors to buy a property, get rid of the existing tenants, renovate the property, and increase the rent. My question: what is the process of removing tenants and how long does the overall process take?
If you bought the property in the middle of a Tenant’s year/multi-year long lease, do you have to honor it until the lease is up? I’m assuming the tenant will have to sign a new lease with you, would you make the length the lease the same as the remainder of they’re previous lease? Do you have to wait to do the renovation after they’re lease is up and move out?

Thanks