The biggest differance with class A in a major metro buildings is you lease the unit so a new tenant moves in same day as past tenant leaves.

@Kenneth Taylor With a lease option you would only own it once you exercise your option.If you want to own the property immediately you can accomplish essentially the same thing with a vendor takeback mortgage.

One of the units is already occupied by a tenant, and while the lease seems solid on paper, I have a few concerns I’d appreciate advice on, especially from anyone who’s been in this position before.My wife also asked is it fair to ask why the seller is letting the property go, even if we don’t get a straight answer?

Hi David - You can keep the panel where it is but make sure the lease clearly states that occasional access may be needed, and commit to giving proper notice and coordinating with tenants in advance.

This property didn’t need any renovations and the seller let me advertise it for rent before we closed, so I got it leased out with a lease starting 3 days after I purchased it.

Here’s what to consider based on your situation as a first-time landlord:Tenant Backs Out After Signing a LeaseSince your tenant signed a 13-month lease and paid a deposit, the lease is legally enforceable unless it includes a cancellation or early termination clause.If no such clause exists, the tenant may still be liable for rent until you secure a new tenant.The agency can generally retain the deposit to cover unpaid rent or costs related to re-listing.Any resulting legal fees or rent loss may be deductible on your Schedule E when you file taxes, as part of rental-related expenses.Appealing Your Property Tax AssessmentIf your property taxes increased significantly, you can file an appeal with your local assessor.A successful appeal, supported by comparable property sales or valuation errors—can reduce your property tax bill, improving cash flow.While insurance premiums are not directly tied to tax assessments, a lower assessed value may affect premiums if your policy is based on replacement cost or uses assessed value as part of the underwriting model.Should You Put the Property in an LLC?

Hey @Mina Spice, are you wanting to lease to a sober living operator or run the homes yourself?

Retail is full recourse.Fourth, leasing commissions and tenant improvements are common and expensive in retail. 

Investor take: negotiate on condition, buy near the median where liquidity is deepest, and underwrite with 30–60 days to lease up. 

You can write it into your future lease and assess fines as needed.