Tenant Occupied Property With No Lease Colorado Springs

[Eric Besser]

Hello All,

I have never purchased a property with a tenant in place.  The tenant has lived in the property for 5 years.  They never signed a lease with the owner and they have been paying their rent with cash.  No paper trail.  No documentation.  I don't know what I need to do to legally protect myself and I certainly don't want to be in a potential squatter situation.  They like where they are and they don't want to leave.  I have no indication that they have any ill intent.  Any suggestions or advice would be greatly appreciated.  

Thank you for your time.