BP community! I am negotiating a property which has a tenant that has failed to fail a single dime of rent for eight months to it's current owner and am working on how to get him out. (NOTE: tenant has expressed interest in buying from current Owner.) I need help from other landlords or property managers on what paperwork is required to notify him that I am the new owner.
My plan/intention is to notify tenant that I am the new owner and will provide him the following options:
1, He is being evicted and I will be seeking missed rent compensation from him through legal means.
2. Option to leave under terms that if he vacates in XX days, I will give him $XXXX, granted he leaves property in current condition and no additional damage
3. Sell property to him and give him XX to come up with money. (In doing this, my intention is to test his motivation and desire to buy, as well as give me time to look for backup cash buyer.)
All those experienced landlords and others that want to contribute, what do you think of this plan and what are some concerns I should have going this route??
Thanks in advance! -Rick C.