Taking on a bad tenant

[Edward Smith]

I need your advise BP....Just closed a my first rental property yesterday. 1 hour after I closed on the property the previous owner told me that the current tenant has been late on the last 2 payments. and still owes $300. Before the deal was closed I ask her how the tenant is and she said fine.....not good. Anyway probably can't do anything about it now. I've had one conversation with the current and he didn't mention he had any issues paying on time. I have an in person meeting with him on the 3rd of March. The reason property was sold to me is current owner moved to FL and did not want to be a land lord anymore. How should I approach this meeting with this new info dropped on me? ...

Details of deal

7yr land contract 6%

rent $900

Sale price 3900.00

Current Value 70-80k ( 2 different comps with different agents)

Lease signed with current tenant 1/1/2017