I'm Lucy, and I'd be happy to answer your questions today.
A sale of the rental property has no effect on a lease. That means, if you have tenants who have a contract for a set term, they get to stay until the end, even if you sell the property. The new owner will take subject to their tenancy. You'll transfer the security deposit to the new owners, and they'll be responsible for returning it when the tenants eventually move.
With month-to-month tenants, you're allowed to give them 30 days notice to vacate at any time. Some landlords give notice as soon as they decide to list the property to do repairs and avoid any problems with the tenant objecting to showings. Others wait until they have a contract for the sale, so they still get rent (because it's hard to know how long a sale will take). That's entirely up to you and can depend on the amount of work you need to do on the place to get it ready to show. But if you want the luxury of selling the property at any time, your tenants would need to be on month-to-month leases. The tenants are required to allow you access to the property for showings when it's listed for sale, as long as you give them notice.
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