Last Month Rent - Does the landlord keep it or the mgt company

[Edmund Chiang]

Hi Guys, 

I recently acquired a 16 unit multifamily and had a very interesting dilemma. I kept the existing management company and they are holding 1/2 of the tenant's last month rent and the other 1/2 was cut out to us at closing.  Do we give the 1/2 that was given to us at the closing to the management company or do we request the 1/2 from management company. My thinking is that last month's rent is future income that is due to the landlord. Why should the management company keep that money. Maybe for accounting purposes? Please advise.....just a little confused. Thanks in Advance!!

Edmund