Duplex in Lansing, MI
Hello,
My wife and I are currently trying to finalize a deal on purchasing a duplex in Lansing, Michigan (not East Lansing). It is our first investment property and we will owner occupy one side and rent out the other. One side is vacant and the other side is occupied and the renters have approximately one month to move after closing. In our contract, the seller will transfer the current lease and security deposit to us upon closing. I have several questions and any answers, comments or helpful advice is greatly appreciated.
1.) What is the best way to screen tenants? (we're extremely concerned about this since we'll be living next to them)
2.) Does anyone recommend getting some type of legal help in drafting a lease?
3.) Any areas in Lansing, MI to avoid? (ie bad tenants, high crime)
4.) Are there any local real estate groups in Lansing?
5.) Since it is our first rental, how long should we wait before we look for a new tenant? (once we verify lease, once current tenant moves, after all repairs are done)
Again any input/advice is greatly appreciated!
Thanks!