Inhering Tenants in a Buying Rental Property

[Ruben S.]

Hello everyone! I`m in the process of buying my first rental property with tenants living in the house. What would be the things to do before closing escrow when it comes to inhering tenants in investment property? Any suggestions? Any advices? How can I protect my myself and investment if any legal problem would rise up down the road? Their lease is expiring in 5 months with current property manager.

Thanks in Advance

[Madison Wilson]

Great question! My quick tidbit would be to study the lease currently in place very carefully, so that 1. You have an idea of how the previous owners operated, should you decide to renew the lease with the current tenants. 2. Moving forward, you may have a better outlook on how you want to set up your next lease and whether or not you would like to include or remove any current stipulations. Congratulations on your first rental! You will do awesome.