Buying with tenants in place....duplex

[Account Closed]

Everyone,

I've got my first deal on the radar. It's a duplex with both sides currently rented out. One side has a leased signed until 12/31/11. The other side has the tenant on a month-to-month lease.

This being my first deal, I really want to buy the property and occupy one side and rent the other. I would like to do this with the standard FHA financing. Is it ok to purchase the property under the terms that I close when the month-to-month tenant leaves? How hard do you think it would be to convince the seller to not renew the MTM lease so I can occupy one side and get FHA financing?

Is this ethical and legal?

What are your thoughts?

[Lance Dellogono]

Just go through the legal procedures.