New Agreements to Put in Place When Buying a Property with Tenant

[Brianna M.]

I'd like to hear about your experience with buying a single family home with a tenant already in place and currently managed by a property management company. I want to keep the tenant, enforce the rules in their current lease, and make the transition to me as the new owner as simple as possible. In this situation, what agreements are most necessary? What paperwork/agreements do you create if you want to keep the tenant? What are the key differences in these agreements depending on if you want to self manage the property or hire a different property management company? Thanks, BP!