Given incorrect information on rents and lease

[James Kirby]

Hello all,

          I am at a loss on what to do next. I am fixing to close on a fourplex in the next couple of days. However, I just received the current Lease agreements of the tenants and 1 tenant doesn't pay what was said (only off $25.00 per month, but it's still incorrect information) and I was originally told that all tenants are month to month. Current Leases are 2 at 6 months and 2 at 12 months. 

I have not closed on the property yet. However, this is an FHA house hack loan which states I need to take residency within 60 days of closing with the earliest Lease expiring in April 2020. I am wondering what my recourses are due to the incorrect information on the property and what your advice would be moving forward before closing.

       If the current owner does a cash for keys before I close and has it in writing that said tenant will be out by X date is there a particular set of verbiage you would suggest having on the agreement? Would it be okay to close with this agreement knowing that they only have until X date to be out and at that point I would be safe to start my eviction process? 

     I am new to investing and I have learned so much during this deal. However, I know there is much, much more for me to learn. Please be kind but any and all advice is appreciated.

Thanks,

James Kirby

[Theresa Harris]

If the seller gave you wrong information, get them to do the cash for keys offer explaining that you can't close unless the tenant is out as you need to move in within 60 days of closing.