Last months rent

[Michael Karl]

On September 1st I took ownership of a 3 unit rental that was fully occupied.  At closing the previous owner transferred the security deposit and last months rent as stated in the contracts.  My question is "do I have the right to use the last months rent?"  I do understand that if I were to resell when the tenants are in place I would need to transfer the money, but I have some small maintenance items I want to address this month and instead of borrowing the money from my bank to make repairs can I use the last month rent money.   I have no intention of touching the security deposit money and that has already been placed in a separate account.

[Matthew Paul]

If you have " small maintenance " issues and need to get a loan , whats going to happen when the tenants dont pay ? When there is a major issue that pops up ? ( sewer line replacement , heating system failure, etc )  you need to have funds available before problems happen