Inheriting new tenants

[Harrison Taylor]

So I'm under contract right now with two triplexes. They're both fully rented. My wife and I looked at the property last week to see inside all of the units as we are waiving an inspection. 

All the leases are "month to month" I was told but when I asked for lease agreements they told me they could have them sign one for the month of August if we would be more comfortable with that. To me it really just sounds like there are no leases.

This all makes me a little nervous because there are a couple tenants living in one of the apartments that have got to go immediately, their apartment is piled high with junk, they have a hole in the ceiling falling through the bedroom and they supposedly have 4 vehicles on the premesis (only allowed 2 per unit).

So would the landlord/ owner have the advantage in the situation given the lease situation or the tenant? We are new to managing rentals. This would be our first project.

[Colleen F.]

@Harrison Taylor  do you have any proof of the rent they have been receiving from these tenants?  Bank statements ect?    What you do if you move forward is not a new lease but estopel agreement they sign, your lawyer would prepare that should include the terms of the agreement that it is month to month, the amount, any deposits, any appliances etc owned /not owned by tenant and and special terms ( for instance how do you know only 2 vehicles are allowed). That is part of what happens before closing.   You need to know the terms so there are no surprised when you go to terminate the leases but you don't want new leases because any new lease would be your terms. In fact write in your offer that they cannot offer any new leases.   This will stop them from giving someone you don't want a year lease or similar.