Inherited Tenants - What to do???

[Amy Kellogg]

Friends:

Thanks to some great info on this site (Mike OH etc), I finally am taking the plunge. I will close on my first investment property in the next 3 weeks.

I have many questions:

The rental is currently occupied. But, the lease expires in June. I am planning on renewing their leases - they indicated their desire to do so.

Do I do a credit check, make them fill out an application form etc. as a standard procedure?

What are the other watchouts - things I need to do to stay out of trouble - with law and financially. I live in NJ.

I know I need to open new back accounts for the deposits. Other than that I am pretty clueless right now.

Any help is greatly appreciated.

thanks,

Amy