Question about asking for documentation

[Douglas C.]

Hi all,

New guy here. I've been listening to the podcast and reading the BP blog for a while now but this is my first foray into the forums! My name is Doug and I'm from the Capital Region area of Upstate NY.

My wife and I are getting close to purchasing my first property which is a 3-unit multifamily. We plan on living in one of the units and renting out the other two to offset our mortgage payment.

I'm wondering what kind of documentation I can and should request from the current owner. I'm curious as to what their current lease with the tenants looks like as well as the costs of any repairs made in recent years. I'm also wondering what happens to the security deposit of the current tenants. Does that get transferred to me at closing?

Thanks for the help, everyone!

Doug