Duplex with one side occupied

[Mitchell Berry]

I went and looked at a duplex last night. If everything continues to check out the plan would be to live in one side and rent out the other hopefully using an FHA loan. The one side is currently occupied. The area is lower income/rougher but I don't consider it dangerous. What are the rules you typically abide by with buying a place with current renters?

[Deanna McCormick]

This should all be included in closing documents..

Owner give you copy of lease, addendums,  the amount of security deposit plus interest is paid to you within the closing fee's.. any rent is prorated to day of closing and is factored in closing fee's.  Do a Assumption and Assignment of leases,, within your closing documents. this transfers the lease to you from former owner. 

Conditon of apartment is at time you take possession, so do a walkthru on that apartment within the first week or so of ownership.

Ask owner to send or drop off to tenant letter of change of ownership this is usually done day of closing, and you also send or drop off letter of introduction including where and how to pay rent, and emergency service contact info.