If we can't, then onto the next step.Second we must attempt to hand deliver the notice to each tenant by handing the notice to a person of suitable age and discretion at the tenant's residence, AND deposit a true copy in the U.S.Mail, in a sealed envelope with postage fully prepaid, addressed to the tenant(s) at his/her place of residence on the same date.  

Will have both fill out new leases. they are asking me about deposits and if they will get them back.

Ask the current owner about security deposits & taxes, that will also be a huge savings on the cash you have to bring to closing.

(I have a $1000 deposit)Thanks in advance :)

If you want the rent, they get the apartment.You might consider working a deal on a rent discount in exchange for their cooperation, or guarantee the return of their security deposit.

I have opened up a business bank account where the rental payments are deposited.

If you know your numbers and your offer is a good deal (which in this game is a killer deal) .. then there is no reason to have a 'standard contingency' to allow you to back out without losing your deposit.  

Of course you contract should say you are entitled to your earnest money deposit back if the seller cannot provide good title. 

Plus if you actually read their legalese documents, there is a lot of CYA saying they can basically disappear and/or go bankrupt and you lose everything.What I do is direct deposit a certain % of every paycheck into an investor account (and the rest into my normal checking).  

But that also includes Multiple bank accounts, ( main operating accounts, and Security deposit accounts), and also Credit card processing, 24 Hr Cash payments with 7-11 and Ace Cash advance.