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 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.
Thanks Tyler. I am in Florida. What's "Cash for keys"? Is that when I pay the tenant to get out of the lease?