Does professional property management carry over with purchase?

[Marcos Carbi]

Hello BP family, I hope you are all doing amazing! I'm in the process of closing my first duplex rental property and I couldn't be more excited.

The current owner uses a professional property manager which I don't want to use. I was wondering if I have to take certain steps to terminate the property management agreement before closing. I plan on sending them an email with my intentions but I'm not sure if I have to do anything else - I don't want to get stuck with additional costs and fees. 

Additionally, the current tenant's lease ends in late April and I plan to increase rent, as it is way below market rent. I was going to give the tenant the option of staying for a slight discount compared to the identical neighboring unit. Is there anything I should be wary about? Any cautionary measures I should take? 

Any advice is greatly appreciated, and I'd love to connect!

[Drew Sygit]

Typically management contracts termiante with a sale of the building. Confirm in writing with current PMC.

Make sure you get all tenant/lease info by closing.