Q. about acquiring property with tenants

[Fred Shandler]

What type of diligence is required? Reviewing existing lease, acquiring their security deposit? Anything else?

Thanks
Fred

(I searched but couldn't find a specific enough thread)

[Jimmy NA]

Biggest problem I have found with pre-existing tenants....the stuff the last landlord allowed; stuff that is not addressed in any written agreement: "Well the last landlord let us keep 4 cars in the parking lot (2 unregistered)", "Well, the last landlord always let us pay late", "Well the last landlord always let us park on the lawn directly in front door....", etc. etc...."well we never had to keep a clean porch with the last landlord"., etc.
I wish I had looked more closely and asked more questions when I bought. Before purchasing look around the property...has the owner loosely managed these tenants? If the answer is "yes" get ready for some "Re-education" of the tenants. This takes energy and time.
Just what I have learned.......