first investment property

[Hollis Blank]

newbie question, looking to close on my first investment property there is a renter in place. It's a cash deal. What's my next step as far as first last and security deposit? The previous owner is supposed to refund the renter prior to close? Do I need to put this in contract?

[Ned Carey]

It is a good idea to get a letter from the tenant agreeing how much the security deposit was. You don't want them to later claim they gave $1000 when you only get credited for $750 for example