What to do with current tenant?

[Red Peterson]

What if there's current tenant in the property I am considering renting month to month; Im not looking to raise the rent yet but how do I secure deposit/advance? Or those dont apply on month to month rent? Also, how can I try to raise the rent amount,upgrade something? I dont know much about the property yet, but its got potential with my numbers criteria. TY!

[Nathan Miller]

The deposit should be transferred to you from the previous owner, make sure that happens when you close the transaction.  It's perfectly normal for an owner to collect a deposit on a month-to-month rental, just like a longer term.

Check with IL law, but if the rental is month-to-month and not rent controlled, you can raise the rent any time you please with sufficient notice.  Many states require 60 days notice now if the tenant has lived there more than 1 year.

Consulting with a local property manager about the local laws might be a good idea.  It would be one hour well invested.