Lease Addendum or New lease??

[Creighton Bertrand]

Hi guys!

I'll try to keep this short. 

Inherited tenants on a year long lease. The mother and son were on the lease. Son wants to move back out of state so she wants to remove him from the lease. There doesn't seem to be any issue between the two of them he just wants to go back home. I'm not sure if should have all three terminate the current lease and have the mother sign a new one or just write up a lease addendum.

To add another issue to the situation. I'm not sure if I ran the income of just the mother should would qualify for my rule of 3X rent for monthly income. I assume that's the reason the son was included in the original lease. 

Any input or suggestions would be greatly appreciated.  

[Mitch Coluzzi]

You inherited the tenants, so you also inherited the lease terms. This is the perfect opportunity to get your documents (likely better than whatever you inherited) into play. Regardless of the term changes, I feel much more comfortable with my leases than anyone elses... So, in this case I would say absolutely execute a new lease IF the tenant meets your requirements. If not, keep in place both parties on the existing lease / terms so you have another liable party.