Have you ever Inherited bad leases

[Diane Kruse]

I am looking to purchase a 4-plex and asked to see the leases.  At best the current owner is very sloppy, or worse he is trying to pull something because the rents are higher than average for the area.  Each lease has date problems, signature problems, on one the tenant is listed as the landlord and no name as tenant, more than one person listed on the first page as an adult renter and then only one person signing with no clause stating all are covered and responsibe by one signature, lack of initials on pages, etc.  

Should I run away on what may be a good financial deal or try and figure out (someone suggested a lawyer) if they are "legal" and enforceable for the remainder of the lease?  I find it odd that the owner also has a nice large assisted living facility in the area and is a college graduate in business management, and would be so careless.  

Has this happened to others?

Diane

[Diane Kruse]

I decided to stop pursuing this property.  My realtor found out offers have stopped for unknown reasons 4 times already.  Through internet search I found out one resident is a registered sex offender - this might explain why rents are higher than average - the owner looked the other way.  I'm concerned between improper/incomplete leases and accepting this tenant there are big potential problems.  Thanks to all for your input.  I am still looking at properties with tenants in place, so your advice overall is appreciated.

Diane