Selling 4-plex in CO this Spring, get existing tenants on leases?

[Account Closed]

I am helping some family members prepare to sell a 4-plex in Denver, Colorado this Spring/Summer.  They currently have 3 out of the 4 units rented to long term renters but they don't have lease agreements.  They've been just going month to month.  I assume getting the renters on new lease agreements will make it more attractive to buyers.  Do you guys agree?  Thank you!

[Bill S.]

@Account Closed so no one really answered your question. The short answer is it depends. Personally I like MTM, then if a tenant doesn't suit me they get a notice of non-renewal. But that said, lenders like leases. If the units are at market rent, then leases are probably ok. Long term renters and market rents don't typically go together. 

A newbie would like the leases because it gives them peace of mind. Seasoned landlords like MTM so they have control. If you think the property will sell to a newbie, get leases. If you think to a seasoned investor, status quo. 

Highest prices are usually paid by newbies but if the property has some warts it can be really challenging to find a newbie who will pull the trigger.