New to land lording and having troubles with my first purchase

[James Kirby]

I put in a bid on my first investment property but I am not quite sure how this works as I am obviously new to it. This is a 4 plex unit that is fairly nice with a little work that needs to be put into each one of the units. I would like 3 out of the 4 units to be empty upon me taking over the unit so that I can perform this work and also due to the loan I need to reside in the unit for 1 year. 

Currently, 1 unit is vacant and the other 2 that I want to be vacant need a lot of work and let's just say that the tenants are not taking care of the place the way that I would like my investment to be taken care of. 

I put my first bid in and it was rejected with no counteroffer. Their agent finally told us that it is due to us wanting 3 out of 4 of the units empty at the time I take over. What are my options in this situation? Am I legally obligated to uphold the current owner/tenant agreements in a 4-plex?

[Wayne Brooks]

No owner is going to agree to this.....if you fail to close then they just emptied their building.  Any agent should know better than to make that offer  

Yes, leases stay in effect. 

Some tenants will likely be on a month to month.....just give notice when you close.