Purchasing a foreclosed home can be a great investment opportunity. Whether you’re taking occupancy yourself, or leasing the home to tenants, you’ll most likely see some gains from your purchase. But, what if the foreclosure already has renters taking up residence? If you’re considering purchasing a foreclosure with tenants, you’ll first need to decide whether you’re going to live there, or continue renting it. Depending on the location of the home, there may be some state and local laws in place that will determine how you proceed. If there is a lease, tenants may be protected in a foreclosure situation.