Closing on a Duplex - NO LEASE IN PLACE

[Brandon Reiter]

I am closing on a duplex after the first of the year and have a few questions for the BP community. Each unit rents for $275/mo, but fair market seems to be more like $600/mo. There are currently NO leases in place with the current property owner.

First of all, is a minimum of 30 days notice required for giving tenants notice of increased rent or notice to vacate? Or should the current property owner be giving notice to the tenants already? It seems that the owner has no real incentive to tell the tenants to move out. Don't get me wrong, I would probably do the same thing if I were in his/her shoes.

Secondly, what if I was planning on occupying one side of the duplex? This isn't the case, but it seems that many buyers would do this and expect to occupy their property on day #1. What do you think?