Buying a property that has renters in it.

[Naveen Desai]

Hi Folks,
I have found a property to buy through a wholesaler and looks like the numbers work and is interesting, however the property is currently rented and occupied by the rented with lease till end of this year. For informational purpose, stating that the property is in FL.

After I buy the property, I can let them continue to stay with the current rent rates, OR I can give them notice and ask them to leave.

The renters have shown their willingness to continue renting with same rental and lease terms. I will however rewrite the lease showing current ownership of the property.

Couple of questions:

1. I do not know if letting them continue to rent with new lease contract has any problems? Will there be any rental increase restrictions for same renters if they want to continue after ending current lease time.

2. If I have to ask to leave them, what is the process?

3. If I decide to let the renters stay, can I still flip this property, should I get an opportunity?

4. They may have given a deposit amount to current owner and my purchase agreement does not mention anything about their deposit. How do I bring up this point and negotiate? Will I still be responsible to return the renters deposit?

5. Any other points that you folks think I have not thought of and should take note of, please advise.