Unique situation, need advice on how to handle it!

[Cody F.]

I'm in need of advice and guidance for a pretty tricky situation.

Here's the problem:

We purchased a 41 unit apartment complex, with a live on site property manager. He's been with the complex over 20 years and we kept him on when we took over because we had no experience running an apartment complex.

Now I've learned a majority of his job and can do most of it and actually have automated most of it with an online program. Mostly his job consists of keeping track of the rent roll, and depositing money orders into the bank when they come in. (Will be fully automated soon with the new program). He also posts notices when a tenant is out of compliance with their lease. And all the tenants go to him if they need something. He also mows the grass in the summertime (250 per month value). That pretty much sums up his duties at this point.

In exchange, He gets a 3br apartment, and all his utilities covered except TV and internet. Plus 500 dollars pay.

He's in his 70s, has a pretty good job he works 40hrs a week at, and is involved heavily at his church and other things in the community. Causing him to be absent a lot.

He also has a grown son in his 30s that seems to be running an illegitimate side business out of our Tool Room. He doesn't seem to have a real job and drives a nicer car than me. Which is suspicious. I guess he was given a key by his father the property manager because he helps with lawncare and other odd jobs if needed sometimes.

So, I'm in a precarious situation. The property manager is a good guy, and he's old, and has been running this place 20 something years.

I'm looking for some suggestions on how to handle this delicately.

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