Questions for previous owner with inherited tenants

[Marv Nettles]

Hey y'all, I'm about to purchase my first multifamily and I'm inheriting some tenants. My property manager is about to meet with the previous owner.  What are some questions I should ask her during their meeting? I have the previous leases. Also, she has several other duplexes and triplexes which she will sell soon She's trying to liquidate her assets. She's already on board with selling me those properties....that's another topic. So what do y'all think? What are some questions I should ask? 

[Steve Rozenberg]

I would want to have them walk the units.. not the "worst 3" like many suggest because all they do is show the best 3 instead.

I would want the Rental applications, Rent Rolls, Lease agreements, Rent Roll (Ledger past 2 years). If the Leases are out of date then before closing I would want new leases with updated rental applications.

Many times when buying a MF home or even a SF home the owner is selling because they do not know what they are doing and because of that you are buying it at a discount. This is great for you when buying it and there is a chance they will not have these things your asking for. If that is the case then your price should reflect the work your going to have to do... Meaning it should be discounted more when they do not have the paperwork and details you need, because basically you could be inheriting a mess. The tenants may just be placed there to show a higher occupancy and offered deals like deferred maintenance will be fixed once the new owner is in charge, no background checks are done on the tenants just to get it full etc... 

The less things they have the more I would be checking and the price should reflect that