Inheriting a tenant

[Chelsea Jeffers]

I am a prospective buyer in the process of making an offer on a multi family unit.

I was able to read the current lease agreement for one of the tenants currently occupying the property.

There was no security deposit obtained.

Is this a red flag?

[Paul De Luca]

A red flag? Not necessarily, but perhaps unwise. Maybe the landlord only asked for a non-refundable move-in fee. I know that is pretty common in the Chicago market due to strict laws regarding security deposits.