New Landlord Newbie question

[Dennis Li]

Hi all! I finally made it to the landlord list, in the process of closing my first 5 units multi family deal, very pumped! But I also know there will be tons of things I need to figure out and am wondering if any of you experts/ seasoned landlord can shed some light.

So here is the situation. The seller of this property recently passed away so it's quite difficult to get any info beyond 2016 and I don't think the property manager is doing a great job book-keeping. I want to know first, for TAW tenants, do they usually sign a contract? Or who would store their info? And also if I need to move in one unit, what's a good way to tell them and how many weeks notice you would give them?

Secondly, what are the operational cost for a property, besides utility (electricity, water), sewage, snow, garbage collection, lawn maintenance, regular maintenance, property management? Did I miss anything? And if I want to switch a property manager, would I need to go get all these info and transfer to the new manager? or they would coordinate between themselves? It's all trivial questions but I just want to get a sense of how it is usually done.

What's something I need to be aware of before closing? I closed a few single family deal before for my clients but never done multi-fam.

I appreciate all the feedbacks!