Our bid was accepted.....now what?!

[Amy M.]

Good Morning, this is my first post on BP and things have moved a bit faster than I honestly anticipated. My partner and I decided to get into the rental business and after considering what we could afford as a starting/learning point we decided on an area that definitely is not the greatest but the cost of the unit is low and rent is currently 600 on each side (this is a duplex). So the listing price was 49,900, we bid 30000 and he countered at 32000. He's retired and looking to get rid of the property since he lives out of state. Sorry if I'm long winded on this one but here are my questions moving forward....

He has two tenants in there now on a month to month lease, he wants to evict them after the closing and keep the money in escrow until they have moved out. One couple is already looking, the other wants to stay. Is anyone familiar with this offer? Can you tell us pros and cons and how to protect ourself so that no damage is dont in the moving put process. What types of contingencies should we be putting in place to protect ourself?

Like I said, we are totally new to this so we are just looking to see if anyone is familiar with this scenario. The property is in Westland MI (Norwayne) if anyone knows the area.

Thanks for your time and let me know if more info is needed.