Buying house with tenant

[Maria Laty]

Aug 25, 10:05 AM

House I am planning to buy has tenant with no contract. Rent is way below market. Tenant just foreclosed on same house with owner fanancing. Now house is back to a previous owner and he is trying to sell it.
Current tenant will not be able to pay more, may not pay rent at all. What would
be my options in this scenario. How long it will take to resell or to rent to
another tenant at market price? How much money I may lose and need to add as expenses.

Thanks