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If the property is subject to Los Angeles' Rent Stabilization Ordinance, the law only allows you to increase the rent by 3% each year. You can ask that the tenant increase their security deposit by 3% at the same time the rent is increased. If you provide utilities, you're also allowed a 1% utility increase. You unfortunately are not allowed to increase rent to bring it to the market value or to increase a tenant's rent more often than once a year, even if they're on a month-to-month lease.
You're also allowed to increase the rent if the tenant moves someone new into the property, not counting a dependent child. There are a couple of other surcharges that might apply, listed here:
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I'm afraid that the Los Angeles Rent Stabilization laws do not allow a landlord to evict a tenant for the purpose of selling the property. These laws override the basic provisions in your lease and the general state law that allows a landlord to evict on 30 or 60 days notice. The property is sold with the tenant in it, unless you have another permissible means for eviction.
Here is a list of permissible reasons for evicting a tenant:
You still need a permissible reason for terminating the lease: You or a family member are moving in, you need to move a resident manager in, you're demolishing the building, or the unit is being permanently removed from the rental market.
A 60 day notice for a rent controlled property is not valid, even with relocation assistance, if the tenancy isn't being terminated for one of those reasons or if no reason is given.
Do you have any other questions about this?