Buying MF, how to handle current property manager

[Ryan Moore]

Hi, under contract for 4-plex multifamily in phoenix.  The property is has full occupancy.  I haven't spoken to the current property management company yet, but I wanted to get an idea of some info beforehand because I plan on shopping around for a property management company myself.

1) Do some property managers have contracts with the property owners for specific periods of time (i.e. a 1 year contract to manage a property)

2) If so, am I responsible for continuing that contract once I take control of the property like I am with the tenant leases?