We recently have a duplex on the market, but one side of the duplex is currently being rented out by someone. They're cool with the place being sold, but whoever buys it, has to keep renting to him. Have you ever had to sell a property where the person was still living there?
Can I Sell a Property With a Tenant Living in It?
This is usually the first question that arises when a landlord wants to sell. The simple answer is yes, you can sell a property with a tenant still living in it. In fact, the laws in most, if not all, U.S. jurisdictions give the tenant the right to remain in the property for the term of the lease, continuing on after the sale if the tenant’s lease remains in force. In some situations, having the tenant remain during and after the sale may be fine with you. You will, however, want to consider the advantages and disadvantages to selling the property while it’s occupied. If you don’t think the property will appeal to buyers with a tenant living in it, other options may exist.
Assuming the tenant will be staying on post-closing, and depending on your property's size and layout, you might want to market it as both a primary residence and a potential investment property. Let the buyer decide how to use it. Some buyers who want a home for themselves will not mind purchasing a primary residence with a tenant if they do not plan to move in immediately
You would have to write up a contract that they would agree to, the ones renting and the ones buying. It is possible and simple, happens all the time but you want to ensure both parties are contracted and happy.
I bought a duplex myself while someone was renting one side. What we did was agreed that the current tenant will be contracted to pay what they have been charged for 16 months. If I decide to increase the cost, which I did, he and continue to pay it or move out. He ended up living there for 3 years after I bought the home with no issues. I increased the monthly rent by $250.
As mentioned, you just want to establish a contract that will protect the renter as well as ensure the buyer's wishes. Some people skip this and the new owner runs into issues.