Just Secured a Property with Tenants that are NOT on a Lease
Long story less long..
I was able to negotiate the acquisition of a property by offering to pay the delinquent taxes on a home/lot in exchange for a deed transfer to me and my partner (free and clear title and no mortgage) from a long distance property owner who was not very motivated.
Here's the catch! There is a tenant who is currently on the property that is not under lease with the old owner (and will not be placed on a lease with me [another topic for another time]).
The property needs MAJOR repairs both internally and externally. A lot needs to be cleaned up in the yard. Plus its a pretty sizable plot of land.
HELP! I know I need to evict but are their other options that I'm missing? Should I start the eviction process immediately? There is no lease tying the individual to the property. How expensive can an eviction get for basically a "squatter" that was never under lease?
More importantly, how do I insure the property?
This is literally my first real estate deal ever! I'll go into more details on this soon!
Thanks!