Jus Closed My First Out Of State Deal

[Elda Castillo]

Hello, I bought a house with the intention to flip. There are tenants living in it. The house wasn't properly maintained. The seller did not furnish a contract which was already expired. I intend to flip the house as quickly as possible since I have a hard money loan. What is the best way to handle this deal? Draw a month-to-month contract with a 30-day termination clause when I have a buyer? How and when does the security deposit get handled? Should I convince the seller to settle the security deposit now? (Especially before I start repairs). How does that get handled? I wouldn't want to get burned by a tenant that will not move because of a previous contract. This is a Florida property. Anything else I need to be concerned with? Thanks! Elda

[Elda Castillo]

@Justin Windham There were no credits on the settlement statement for security deposit. I will find an attorney.

Thanks Justin!