First Time Triplex...Or any Rental for That Matter

[Brian Fazekas]

So, I've finally pulled the trigger on a rental, and would have never thought it was going to be a triplex, but the figures work for me.

What are the next steps I should take?  All one bedroom units are rented on a month to month base and none of them have intentions to leave (two are in their mid 60s - 70s and have been living there for 15+ years, the other is in her mid 50s).  The only reason the current landlord is selling is because she has a few months to live due to cancer.

I am going to talk to the owner directly tomorrow, is there anything I should ask immediately?  She has already given me the current rental agreements, and I'm not sure if I should redo the agreements or focus on that when the apartments turn over?

Any suggestions or advice will be greatly appreciated!