Multifamily - clearing house

[Granville L.]

My wife and I are looking at purchasing a 5+ multifamily complex close to an industrial / refinery community. We want to fully furnish the complex and rent to contract workers. If the complex already has renters, do I have to wait for their contracts to run out, or can I clean house under new management?

[Jon Holdman]

Leases run with the property. If they're month to month, you can give notice and terminate them quickly. If they have leases, you have to fully honor those leases. And, as always, be sure you understand local and state laws about tenants.