New Property Purchase - Introducing a new lease?

[Aathavan Raviraj]

Hi all,

We bought our first multifamily last month and are living in an owner occupied triplex. One of our tenants is on a M/M lease and we want to introduce a new 12 month lease on this 3bed2ba apartment. One of the 3 previous tenants has moved out and now 2 remain. 

We don't have background/credit check info, bank statements, income proof etc. as the tenants were already there when we bought the place. 

Should we have the remaining tenants go through a tenant application screening to ensure they meet income requirements, and other factors? 

Could I ask the daughter (the tenant that moved out) to act as a guarantor if her parents don't meet income requirements? It's a delicate situation as the mother has been there a long time....

Thanks - Appreciate any insight/thoughts.

[John Underwood]

When I acquire an tenant I don't see a need to screen them to see if I will allow them to rent my property. They are already in my property. I would just run with it and if they pay on time and they take care of the place them keep them, if not get rid of them. 

I would go ahead and have them sign my lease.