SFR Residence Flipping With A Tenant ?

3 Replies

Hey there.  I am looking at a house on my street that the owner no longer wants.  The owner lives out of state and has secured a tenant for the property for the next year (lease expires August 2019).  He gave the tenant a reduced rent in lieu of yard maintenance and minor repairs.  I simply want to do a quick wholesale assignment of the contract or a 60 day Fix-N-Flip.  It's a great tenant.  Do I have to honor the lease agreement if I purchase the property? I'm guessing not as the lease is between the current owner and tenant.  Things could get messy quickly if I purchase then evict. Thoughts?  

Thanks for your input.  

Chris    

@Chris Asaro You would need to look at the state-specific laws. Here in Florida, you have to honor the lease. You could always do Cash for keys with the current tenant.