Tenant Occupied Rental Investment
IN NEED OF ADVICE/SECOND OPINIONS
There are 2 properties for sale in my area going for the same price. They are both the same bedroom, bath, and square footage size. Both owned by the same couple. They are both tenant occupied so I guess my questions are:
Has anyone ever bought a property with tenants already living there and how did that work out?
Was the transition difficult?
What kinds of questions should I ask if I go look at the properties?
Pros/Cons?
Did you have to ask tenants to pay more in rent? If so, how'd they take it?
Was there any remodeling involved and if so, were the tenants willing to relocate until finished?
I have loads more questions but I feel it would be a good opportunity for me to learn. I also feel it would be a great first deal for me, but only if the numbers are right of course.
What's everyone's thoughts?