Inherited Tenants and Chicago Security Deposit
Hello everyone.
I'm closing on my first investment property in two weeks. Thanks for all the help leading up to this.
Question: I'm inheriting tenants in one of the units of the building. The seller has offered to transfer the security deposits to me. After researching and reading a ton of info about the difficulty landlords in Chicago have re: deposits, I'm hesitant to accept it. Im considering returning the deposit to the tenant and hoping for the best, as I don't feel comfortable asking for a "move-in fee" from someone who is obviously already moved in. I cant find any definitive answer as to whether or not the security deposit interest rule applies to owner occupied 2-4 flat properties (like the one I'm buying). I've heard it both ways and I'd like to be able to hold on to the deposit, but its not worth it to me if I will have legal issues down the line. Is anyone for sure for sure?
Thanks very much for reading.
P.S. Info from this website is the reason I am closing on this property. Im super grateful.