Agents and wholesalers alike try to fit every homeowner in a box, but truthfully you should always come to an appointment with 3 options, a cash offer, a listing agreement and a seller financing/subto.

You may also want to toss in your lease agreements that tenant is responsible for landscaping and appliance care and maintenance.

Should we write up a month to month agreement and give notice to the tenants?

You have to secure an access agreement with the seller.

The tenant and owner sign these agreements to validate the numbers.Just be aware that purchase price should be based on market rent, not sellers stated rents.

Iron out all the terms, have an attorney draft up a purchase agreement for you for a few hundred bucks, and then give it to a title/escrow company and they will take care of the rest.

Meaning no agreements that are not disclosed to the lender should take place all parties are required to sign Means no rent backs or cash under the table.

Just search out Lease Agreement Packages in the TOOLS menu at the top of the page.

I may buy a Duplex in TN with existing tenants in prospective property that has no lease agreement.

Make sure that you have a good partnership agreement before purchasing any properties, then run the partnership in accordance with the agreement.