first house hack. need some advice

[Will Kirkendoll]

hey Bp so Im going in be closing on first house hack in a couple weeks. its a duplex with one side already rented out. tenant been there 3 years and on month to month lease but still wants to stay.. according to seller. my question is how do I inform the tenant that I will be buying house and where to send payment too?? i will do my own property managent under my property management llc . also should I make the tenants sign a new lease?? thanks bp

[Shaun M.]

HI @Will Kirkendoll, Definitely have the current tenant sign a new lease, and as Brian mentioned have them do a rental application as well.  

You can purchase state specific, lawyer drawn-up documents (lease, application, pet lease, etc) right from Bigger Pockets at:

 https://get.biggerpockets.com/forms/index/

I checked and the do have Ohio forms. It's $99 for the whole package.

Since it is a house hack, I assume you'll be living next door? You can have them drop off the rent for the first month and then get them set up with a free online system like cozy.  

Because you'll be neighbors, be clear about the late fee and eviction policy right from the beginning.  Highlight what the lease says to them. You may become friendly with them overtime, but because you already had a clear conversation you can follow your system and remove any emotion from the process.