Purchasing my first investment property. Already Has a tenant

[Cristiano Botticelli]

Im really excited to write this post.  I joined bigger pockets two weeks and today Im getting preapproved to make an offer on a townhome out of state.  I need some advice and direction.  Im sure some of this info is covered and I will do a search on my own, but I still want to see what others have to say.

So here's the situation.  Its a newer property built in 2008.  Currently has a tenant.  The tenant will stay.  They are currently paying a little less than the rental market in the area.  The rent will cover my monthly payment, association fees, and I can put some in the bank. 

I have zero experience with tenants or with leasing agreements.  I hate to jump into something without the proper knowledge.  If you have any advice from past experiences, I certainly appreciate your feedback

[Robert Wilson]

Looks decent... except for the renter.

I would do your due diligence on the renter during your inspection period, get a lease in place, and perhaps have the tenant put a deposit in escrow that would be released to you at closing.

If the tenant does not qualify, or there are big red flags. Don't close unless the home is vacant. Could be a giant headache to evict and have 30-90 days with no revenue coming in.