Buying a Condo with tenants in place
I will be soon closing on a Condo in Florida. I am a local but First time buyer of rental property. I appreciate your thoughts/comments on the following items:
- I believe that a separate account needs to be setup for Security Deposit and Collecting Rent. Do you have any advice about the account type and bank to use for this?
- Any tips/suggestions on what type of insurance to buy for a Condo and the level of insurance needed? Any recommended companies/agents to buy it from?
- How do you inspect the property during the rental lease period? (and how often and what do you look for in such routine inspections)
- The condo is already on lease for next 6 months. Is there any paperwork that I need to do with the current tenant? (i will be assuming the lease from current seller)
- Any other advice or items I should be careful about in this situation of acquiring tenants along with the property. Note: I have met the tenants and have looked at how they are maintaining the property. It seems alright.
Thank you !