Newbie buying a tenant occupied home

[Daniel Byrd]

I am currently looking to purchase my first rental property, and my agent sent me a list of tenant occupied homes for sale. I was wondering what peoples thoughts on tenant occupied homes were, and would it be smart for a new person to the real estate investment world to take one on? Any insight would be much appreciated!

[Patrick Hale]

I'd love a tenant occupied property if you screen the qualify the tenant and current lease just like you would if you leased it to them...there's really no difference. Request a "TENANT ESTOPPEL CERTIFICATE" and Rent Roll which will fully disclose everything about the tenant and lease. Then have them provide you with the current leases and see if the tenants will agree to sign a new lease and void the prior leases.