Transitional Property management - buying a poorly managed prpty

[Eric Danzeisen]

I have a property in contract.  Even tho it seems to be a very good deal on paper my gut feeling is that the seller has no leases written up.  And if he does I'm sure he wasn't strict enforcing the lease.

My questions are: 

How have you transitioned from a poorly managed property?  

Do we have to abide with the old contracts?  

Have them sign new lease agreements on day one?  

Deposit money - where is it?  Make them put a deposit down if the seller never had them put a deposit down?  

How do you make a smooth transition on a new property?  

Any other input any of y'all might have on this subject.  

Thanks in advance!

The deal:  Texas

9 doors; 1 house, 2 duplexes, 1 triplex, 1 studio

7 currently rented at $450/month

Last 2 are remodeled and ready to be rented (house and 1 side of a duplex)

$125,000