Done with late rent, maintenance calls at midnight, and problem tenants? We buy rental properties as-is with tenants in place throughout Michigan. No evictions, no vacancy period, no drama.
Traditional buyers rarely want the complexity of acquiring a tenant-occupied property. Cash investors like 7 Lakes Properties do it every day. Whether your tenants are month-to-month or have a long-term lease, we purchase the property as a going concern and take responsibility for the existing tenancy. Learn more about how the cash buying process works in our Michigan cash home buyers guide.
Michigan eviction proceedings take 3–6 weeks minimum and cost $500–$3,000+ in legal fees — and then you still have a vacant property to sell. Selling to 7 Lakes Properties with tenants in place eliminates all of that. We take over the landlord responsibilities at closing.
Some landlords prefer to defer taxes through a 1031 exchange into another investment property. Others want clean cash and a complete exit. We structure purchases to accommodate either path — our team works with 1031 exchange accommodators if needed.
Non-paying tenants, tenants with pending evictions, property damage disputes — we've seen it all. We factor the tenant situation into our offer and take on the risk. You walk away with cash and leave the landlord stress behind permanently.
Absolutely. Selling with tenants in place is actually standard in investment property transactions. Michigan law requires you to give tenants notice of the sale and the new owner's contact information. Their lease terms don't change due to the sale.
Michigan law does not require landlords to give tenants a right of first refusal when selling. However, if your lease contains such a clause, it must be honored. Check your lease carefully before proceeding.
Security deposits must be transferred to the new owner at closing. The transfer should be documented in the sale agreement, and tenants should be notified in writing of the new owner who now holds their deposit.
Yes — selling a rental property typically triggers capital gains taxes plus depreciation recapture. The exact amount depends on your adjusted basis, how long you've owned the property, and your tax bracket. Consult a CPA before selling, especially regarding 1031 exchange options.
