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Updated about 10 years ago on . Most recent reply

User Stats

7
Posts
2
Votes
Chip Clark
  • Homeowner
  • Woodstown, NJ
2
Votes |
7
Posts

First investment property - duplex with existing owner occupant

Chip Clark
  • Homeowner
  • Woodstown, NJ
Posted

I am looking at my first investment property for a buy and hold rental. It is a duplex with the current owner as the occupant and their son as the tenant of the other unit. The parents are moving out. The son would like to stay. I don't know if there is any contract existing with him since he was a relative, but will find that out before we make an offer. What do I need to watch out for with this special circumstance? Any words of wisdom since this isn't the most common situation?

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