Pseudo-inheriting a residential property with minimal experience.

[Dennis F.]

Hello all,

I have recently been given the responsibility of managing a 6 unit residential property in Brooklyn, NY. Without going into details, it belongs to and has been managed by a family member, but do to health issues they are no longer able to manage the property or give advice. Now everything has been put on me to figure it all out.

I'm here asking for advice on what I should do next. I can handle the basic stuff like paying the bills, but I do not have any knowledge on handling tenants, rent-stabilization laws, lease-renewals, collecting rent, etc. I was going to try out a management app like RentRedi to help. I would just go to a management company, but I am hesitant given this property has a fairly low net income do to taxes and rent-stabilization, a management company would greatly eat into the profit. 

What is the best place online to find answers to question I might have, for example; How do I find a good handyman for small fixes or a good contractor for bigger fixes, and whether a price is a ripoff or not? What is the appropriate way to contact tenants about the change, leave a note under their door or call? How do I properly handle late rent payments or fill out a rent-stabilized lease renewal?

Thank you for taking the time to read this.