Am I doing that correctly or should we have them resign a new lease like the original.Current lease has a Hold Over Tenancy Clause:  If Tenant holds over after the Expiration Date with the consent of Owner, the tenancy shall be from month to month only and not a renewal (unless there is an execution of a new written lease).

Trust me, save yourself the long term pain of holding onto an expired mentor relationship and take the risk to go out and find a coach that's more in alignment with your highest vision for your business. 

Do we have to notify them in writing 90 days before the lease expiration of a rent increase of more than 5%? 

We have increased the rent on one and will be increasing the rent on the other two when their leases expire in a few months.

We have increased the rent on one and will be increasing the rent on the other two when their leases expire in a few months.

Seems some states (ie CA) still have evic moratorium extensions that protect lease expiration and even non-payment thru much of this year!

There's no way to break the terms of an active lease and raise rents even if ownership changes.Once the lease expires and the tenants go month-to-month, the rent can be renegotiated.One trick I learned years ago was to add an automatic 5%/yr increase to the lease so then when the lease expires and the tenants go month-to-month, the rent automatically bumps up but I get to keep the good tenants in place.Hopefully that helps a bit.  

@Jullian Xiong depending on your market, more likely than not a fourplex that is listed on the MLS will not be completely vacant, therefore, as I've noted in other posts, you need to verify that the current tenants have been paying on time, what their current rents are set at, and when their lease is set to expire.

In order to expedite a successful Inspection Period upon execution of a Purchase Contract, Purchaser will be requesting at minimum the following documents in Seller’s possession:Closing: Closing shall occur 30 days after expiration of the Inspection Period.Commission: ..., realtor for the buyer shall be paid by the Purchaser per a separate agreement.Miscellaneous: This Letter of Intent is confidential and shall expire 20 days from the date it is executed by the Seller.

Have them paint it back to its original color once the lease expires.