Buying MultiFamily with Renters

[John Hart]

Hi BP members, 

Glad to be here to learn from everyone. 

My background: own a single family home just for living in california, never have any experience as a landlord and dealing with renters.

Deal: I found a multifamily in California and the price is fit in with my budget. Price is great, cashflow looks not to shabby with 25% downpayment. 

So what i have questions in my mind and try to learn from everyone that:

1. This property is 100% occupied. What should I ask the seller / agent about the renters and what i need to learn about them? I dont want to be in the situation that i purchase the MF and suddenly renters stop paying the rents / possible already stop paying.

2. Eviction process - what's the law for California is protecting the renters? If there is a website / url that i can read through that would be great.

3. Paperwork - should i create a new lease agreement or perhaps honor the existing one if there is one exist between the landlord vs renters?

4. Security deposit - Should i ask new security deposit from the seller since this is 100% occupied tenants?

5. Any feedbacks or recommendation for me to be cautious and learn since this is my first real property investment.

Thanks all.