I was recently asked about the rights of a tenant after a new owner purchases a property. Having owned rental property I can say that a tenant has rights that extend beyond the sale of a rental unit. Most counties have rules and regulations that govern this situation. I would recommend calling your county to see is they have laws on this. Another good source is a local landlords association. I know one in my area is the Johnson County Landlords Association. These groups can provide guidance in many matters related to investment property.
The rules are designed to protect not only the landlord but a tenant from leasing a property and being evicted before the end of a lease or changing the terms of an existing lease. Sometimes this may not seem reasonable to the other party but generally I find they are fair to all.
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If you want to search for a deal on an investment property or simply a new home, see my Kansas City foreclosure search page. A foreclosure can be challenging as many times they need repair.
If you have a question you need an answer for, let me know.