New landlord here: General advice appreciated!
Hello! I closed today on my first income producing property in Miami, Florida! I'm very excited for this new venture and would like your advice on how to manage my first duplex. I have two tenants in their mid 30's. I need to (1) tent the property asap, (2) do landscaping to remove trees that are damaging to the roof, (3) take measurements of each unit so that I can begin plans to remodel, (4) determine whether to exercise the kick out option or do a novation on Tenant 1. Tenant 1's rent is way below market, has another 9 months left on the contract that has a 180 day kick out clause. He wants to stay long term. I'm considering asking him to sign a novation at FMV in consideration of not exercising the kick-out clause. Tenant 2 will be around until March/April. For the long-term, I'm also considering having a long-term tenant (maybe Tenant 1) in one unit and do short-term rentals in the other. General advice is welcome and also specific advice regarding the 3 points above. Thanks! -Christine