No leases, repairs needed, newbie to buy and hold

[Steven Rosenblatt]

I have a 9 unit property under contract and it is currently all rented with reasonable income based on the condition. My question is, the current owner does not have any leases and very minimal security deposits. Should I settle on the property 1st and deal with this myself? Or make the current seller obtain leases. Other notes: a few of the tenants appear to be less than desired, neglecting their pets, potential hording disorder that over flows to the exterior of the building. I am also planning to do some major exterior improvements: roof, siding, windows, HVAC upgrades, and deck repairs, and bring the building and units up to current market standards. This will raise the rents too and possibly turn off some of the current tenants making them want to relocate. Any thoughts on a strategy to tackle this project in a reasonable and fair way?

[Deanna McCormick]

Good for you if no leases,, means they are all on month to month,, as soon as you take over give them notice you will require they sign new month to month leases with you.. so you'll have to proper notice period for this but this will permit you to know in the future who your going to keep and will let you give those apts that are in the remodel plans the first for notice. Ask for current contact information, do a walkthru of apt within 2 weeks of possession, and do a condition check sheet so your security deposit is as of possession when you take over.. Give tenants your contact info with emergency call numbers. 

Check you state landlord tenant laws and if you want a standard security deposit I'd inform them and give them 60 to 90 days to make payments on that till they have the deposit paid. 

I only rent month to month,, and it does not limit the length of time a tenant will stay, the longest I had 1 tenant stay on month to month was 16 years.. usual is 2 -3 years.