I just got my first accepted offer on a rental property and am working to get as prepared as possible before closing in a few weeks.
When purchasing a property with month-to-month rental agreements, how do you typically handle those? Do you have the tenants sign a new lease or do you keep them on the previous agreement? Three of the four tenants have been living at the property for nearly a decade so I'm not overly concerned about them moving anytime soon but I'd also prefer to get all of them on my own lease so my bases are covered.
@Jon Coleman get a new lease signed on your terms and stating you as the lessor always better to be covered than not. But remember they are human so do it with class. I usually do it on day one making Intros and see what items need to be addressed which makes them more than happy when you fix what they have been trying to get fixed since the seller decided they want to sell.
@Chris Davidson Good call! I have the inspection and walkthrough coming up in a few days so I'm glad you mentioned seeing what items need to be fixed. I wasn't sure how much to solicit for requests in case they are asking for things we can't/won't do but it sounds like better to ask and try to find ways to address concerns.