buying property w tennants already in place

[Fred Conway]

want to buy a property that currently has renters in place until november 1st. All indications are that they are great tennants and no problems but they are paying below market rent. In florida, you cannot remove them until their lease is up. My question is, how do i go about buying the property

Main questions around security deposit, how do i get it? Interactions w current tenant, do i reach out to them? Any advice is appreciated.

Thanks

[Matt Cramer]

I believe their are a few ways to handle that. The seller should somehow give you a credit for the security deposit though. You should ask for all the current documents he has on the tenant before writing the offer or make sure the offer is contingent on you reviewing and being satisfied with those documents. I believe on a duplex I just sold the tenants security deposit was transferred to the new buyer and they had to setup an account for it.