1st prop bought! Now what to do with tenants?

[Jessica Chow]

My husband and I are about to close on our first rental property in Lehi, Utah! We decided to honor the current lease, which is up June 2018, and now we are trying to figure out what to do next. We are out of state and plan to be the landlords (not using a rental management company) until the lease is up next year. I have one specific question, and then welcome any additional advice or look-outs!

The current landlord is the real estate company that reps the seller. They said this: "With other deals I have done in my rental department we just use the lease agreement that is given to us buy the seller or current owner. But we let the tenants know the money comes to us now. Thats what i would suggest to the buyer." To me, this sounds shady if it's not in writing somewhere. I would assume we should resign with our own contract with the current tenants, and just copy over the current agreement parameters?

Additionally, since we are out of state, I was planning on asking for this additional information, but it seems a little invasive. Not sure what is necessary and what's a nice-to-have?

• Tenant contact information (& emergency contact)
• Spouse or co-tenant contact information
• Description of pets and deposit paid, if any
• Auto make, model and license number
• Driver’s license number and social security number
• Place of work and employer contact information
• Income from employment and all other sources of income
• Rent payment made upon signing of lease
• Last month’s rent paid in advance, if any
• Confirmation that rent is current
• Amount of rental deposit, if any (include all refundable deposits)
• Copy of current lease
• Verification of ownership of all furnishings (drapes, appliances, etc.)

Thanks in advance, BP fam!