Purchasing Rental Properties from Parents

[Kaitlyn Askey]

I will be purchasing 5 rental properties from my older parents. They are all currently occupied by tenants and the rent they are charging now is well below the market value. We are working with an attorney and CPA to step up mortgages and transfer the properties.  

What are some things I should have ready and how would the change of landlord-ship and new lease best be implemented? Are there any legal issues I should be aware?

Would one LLC be a good idea for all five properties? Any advice for this situation would be great, thank you.