buying a property with existing tenants?

[A.J. Chesney]

How does this even work?  Do i have to honor the old lease until it is up for renewal?  Can I immediately change rules/rents?  What is the process for taking over the old lease?  Changing billing on utilities, etc?

Most of the bad things concerning tenants have happened from inheriting existing tenants when buying a property.

Any advice or experience on this issue would be greatly appreciated.

I'm currently looking at a duplex for sale with existing tenants, trying to learn the ins and outs of possibly dealing with that issue.

Thanks in advance.

[Bob B.]

You buy the property and you have to live with the existing leases in place.

Look at the leases and verify the rents are current.

See if you can talk with the tenants to see what problems they have with their unit and what their plans are.