Due Diligence property purchase

[Len Miller]

Hello BP nation, 

I hope this post finds everyone safe and healthy. I have an opportunity to purchase a 3 bedroom house as a rental In St. Pete Florida. The tenant signed a 1 year lease in March so they will be there until 2021. This is my 2nd investment property and the first i am purchasing with a tenant already in place. I ran all the numbers and everything looks like it should be a decent investment. 

My question is, what do you look for when a tenant is already in place? Clearly i would ask for a copy of the existing lease, but do you run a background check or employment check on an existing tenant? Do you have them sign your lease agreement or wait until its time to renew?

With so many people losing their jobs right now, and evictions being placed on hold, i don't want to find myself buying someone else's problem.

Is it OK to ask a tenant who already has a lease for proof of income?

Thank you in advance for your thoughts and opinions.