Send them a notice before the L/O expires telling them they have to exercise the option or re-up. If they want to stay have them sign another L/O agreement. Charge another option payment or transfer (extend) the other based on their plans.
I wouldn't let them be tenants - they may be able to make a case to get the $$ back if they didn't exercise and you just treated it as a lease.
Send them a notice before the L/O expires telling them they have to exercise the option or re-up. If they want to stay have them sign another L/O agreement. Charge another option payment or transfer (extend) the other based on their plans.
I wouldn't let them be tenants - they may be able to make a case to get the $$ back if they didn't exercise and you just treated it as a lease.
My mantra is you have to pay to stay.