Just closed on first 5 unit multi-family: What's first on the to do's

[Thomas Reetz]

Hello, my wife and I have just purchased my first property for investment purposes.  We truly just closed a matter of hours ago, very excited!

My primary question:  What are the immediate next steps?  

We will do a final walk through at which point we will get the keys and get copies of the leases.  I assume we collect a pro-rated amount for the rent already paid to the previous owner.  Do I need to send a notice of change in ownership to the tenants?  As stated above, what are the next steps to ensure a smooth transition for both me and the tenants?

Notes on the property:  I think my wife and I did well for a first venture to get our feet wet. The 10,000 foot view is that this 5 unit was purchased for $85,000 and it brings in $2,650 a month in rent.  3 out of 5 tenants have been there for 5+ years, 1 has been there for 3+, and the last is brand new.  The neighborhood runs under a 5% vacancy according to the commercial inspection and appraisal which makes sense because the new tenant was ready to move in even before the departing tenant was moved out.  We have a 10 year commercial loan at about 5% apr and after a 25% down payment, the mortgage and interest, insurance and taxes (which are high) will run about $1,000 a month.  

Thanks for all your help and advice to this green investor!!