Purchasing a Buy and Hold Property with Existing Tenants - Binghamton, NY

[Noah Singer]

Hello,

I am new to real estate investing but I have spent enough time doing research to decide that I would like to being by purchasing buy and hold properties to rent in Binghamton, NY. I am currently a student in college so taking on a mortgage at this time could become a financial burden if I don't find tenants somewhat quicly.

I was wondering what advice anyone can offer me on the advantages/disadvantages of purchasing a rental property that has pre-existing tenants. It seems that it would be the best move financially because it would provide rent payments as soon as the property is under my ownership.

What are the big challenges associated with this kind of purchase? Are there any special considerations I should think about? How is the lease transferred between owners?

Thank so much for the advice!

Noah