Getting free house with Tenant...help!

[Robert K.]

Hello, my uncle is 89. He is deeding a house to me that he owns & collects run on. It's paid off and brings money in. The tenant is an older woman has been in it for years! Like 10 or more years and not trying to move. When he told her I was going to take over, she asked if I was going to kick her out. He told her no. I'm not going to as she is a faithful paying tenant. She was relieved.

So, this house will be deeded to my newly created llc in 1-2 weeks. What are my next steps in dealing with her. She sounds long term. Im in Dallas. She is 90 miles away in another city.

1. Have her sign a lease with LLC? If so, where do I get a lease agreement?
2. ???? Help!!
3. Do I need a property mgmt company?

Please tell me all I need to do. I am looking for next steps and best practices!

Tanks!

[Account Closed]

Sounds like you got a good deal. Yes, have her sign a lease with your LLC. Inspect the home to see if there is any there was any maintenance neglected and make those repairs. If It was me I would not get a management company. The question you want to ask yourself is: What could a management company really do for you at this point? You already have a good long term tenant in place and paying on time. You can set up a local bank account so that the tenant can make a deposit to. Get a local handy man that could take care of maintenance if you cannot get to it quick enough.