Inheriting Tenants

[Kevin Last]

I just got an accepted offer on my first investment property.  It's a duplex in Wisconsin and I'm going to be inheriting tenants in both units.  One of which is a section 8 tenant.  Wondering if anyone has any advise?  When inheriting tenants, do you just draw up an assignment of the lease?  Who do I deal with for the section 8 tenant?  Is the housing authority and the tenant or does the housing authority handle the tenant?  I haven't had the chance to review the current leases yet but I was told they where both year leases and are only a few months into them.

Thanks in advance! 

[Alex Chin]

I'm looking into acquiring my first multi-family and at the moment, I am leaning towards a preference for vacant units so that I can make needed updates and set rents at market versus having to process long-term tenants who may not be thrilled to see rents jacked up by $100/month.

A lot easier to get someone in expecting $700/month versus telling a tenant who has rented for years at that location that they're going from $580 to $650.