Expiring Leases on in contract 4-plexes

[Chirag Shah]

Hey all,

I'm under contract on a quadplex and am in a precarious situation regarding the leases in the option period. According to the seller's agent, three leases are month to month, and the other is going to expire at end of the month. According to the agent, 3/4 have verbally agreed to extend, but for an unknown period. I have requested that the owner permit me, as the soon-to-be-owner, to ask the tenants if they are willing to sign a letter of intent to renew leases pending background checks. The letter would introduce me, the updated rate ($50-$100 increase depending on rate), and a brief explanation of my policies and procedures. Eventually I will have a PM, but for now, will manage until I find the right one. 

 I have also asked the owner to pay for said background checks as she did not conduct any and actually inherited these tenants herself. She's noted that they've been no trouble, but I want to verify that they check out according to my standards. 

Is the right approach?

Thanks,

Chirag