Buying Property with Existing Tenant - New Lease?

[Austin Barton]

I am about to close on a property where the tenant has an active lease with the former owner until August. Do I need to get the tenant to sign a new lease with me as soon as I close? Or just honor the current lease?

I am not going to raise the rent on them, and I could have the new lease end in August with all the same terms, right? 

[Thomas S.]

You now own and operate a business.

What you can or can not do is spelled out in your State landlord tenant regulations. Before you do anything else regarding your new business you need to sit down with a copy of your state regulations and learn how your are required to operate your business. Every aspect of your business is regulated and as a responsible landlord you are required to know, understand and operate by those regulations. You now own a business.