Attempting to Close on 2-Flat But Just encountered some issues
We are inheriting tenants in a two flat set to close on July 3rd. We were originally told by listing agent that leases were ending at the end of June and we would inherit tenants on a month to month contract.
Upon Attorney review we requested a copy of the current leases to see what we, as new landlords, are inheriting. We learned that the tenants actually just signed a 1 year extension on June 11th starting on July 1st, 2020. This lease is less than a 1 page word doc checklist. I am trying to figure out if this deal is really worth the effort.
We did send over our lease that we would like the tenants to sign, however seller rejected, and told us to do what ever we want after closing.
For reference the house is 9.2% COC and $370/month cash flow.
Any advice or suggestions are greatly appreciated
Thank you in advance!