Selling a rental: common questions
Short answers, landlord to landlord. Where a rule matters, the link goes to the rule.
Do I have to move my tenants out before you will look at it?
No. We look at rentals with tenants in place. Tell us who lives there and what the lease says. A lease does not just disappear because a building sold, so read it before you promise anyone anything. The tenants guide goes through it.
What happens to my tenants' security deposits?
In Minnesota, you hand the deposit to the new owner or give it back to the tenant. The deadline is 60 days or when the buyer must account to the tenant, whichever comes first. Wisconsin has its own rules. Pick one route per tenant and write down what you did. The deposit guide has the details.
Do I owe my tenants notice before you walk through?
Yes. Minnesota expects a good-faith effort at notice of at least 24 hours. Wisconsin defines advance notice as at least 12 hours unless the tenant agrees to less.
Does the Duluth rental license go with the building?
The new owner has to apply to transfer it. In Duluth that application is due within 30 days of the change in owner. Ask us who files it before you sign. The handoff list covers it.
How do you come up with a number?
We look at recent nearby sales, the condition of the building, and what the repairs would take. You get the number in writing with the math explained.
Do I pay an agent commission or a listing fee?
Not on a sale to us. There is no agent commission and no listing fee. Closing costs can still exist, and the title company shows them to you in writing before closing, so do not read this as a promise of no costs at all.
Do I have to fix, clean, or show anything?
No. You do not repair anything, clean out a unit, or open the door for showings. We look at the building as it stands, with the tenants who live in it.
What will the sale do to my taxes?
It depends on what you paid, what you have deducted for wear and tear, and how long you held it. The part of the gain tied to depreciation can be taxed at a rate of up to 25 percent. Talk to your accountant first, and read our tax guide for the questions to bring.
When is selling to you a bad idea?
When the building earns well and you have the energy for it, when it is empty and ready to show, or when a tenant wants to buy. We are a buyer, so we have a stake in the answer. The options comparison is our honest attempt to be fair.
Does asking what you would pay commit me to anything?
No. Asking commits you to nothing. You can get other opinions, take your time, or walk away after you hear the number.
Something we did not cover? Call (218) 673-3221 or use the contact page.
Sources for this page
Pages we read on 2026-11-05. Laws change, so check the current version or ask an attorney.
Done being a landlord?
Tell us the address and who's living there. We own rental property around here ourselves, so we read a lease the way a landlord does.
(218) 673-3221We are the buyer you deal with. Asking what we would pay costs nothing and commits you to nothing.
Ask what we would pay for the rental
We read a lease the way a landlord does, and we call you back ourselves.