new land lord - inherited tenants

[Brienne Metcalf]

Hello,

I am a new investor in the metro Detroit area.  I have been learning about real estate investing for over 5 years and finally took the first big steps this year.

I purchased a short term rental in Bellaire, MI.  This is a vacation spot that I normally visit several times a year and the short term rental income will help offset the costs.  It was already furnished and used as a short term rental and therefore turnkey.  I closed 2 weeks ago and already had my first guest!

I am also purchasing a duplex in Westland, MI which is a city near Detroit and close to the airport.  I am closing next week.  There is a long term tenant that has been there 23 years and a tenant that just moved in and will be staying 6 months although both do not have signed leases and therefore are considered month to month.  The long term tenant gave a security deposit and the newer tenant did not (he is a friend of the seller).

I am wondering how to go about the first few months.  Since they are month to month I was thinking about keeping them month to month for a little while to see if I like them as tenants.  I do not see that the long term tenant will be a problem but if the newer tenant doesn't work out then at least I can ask him to vacate within 30 days instead of being stuck for a year.

Any thoughts or advice is greatly appreciated.

Brie