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Updated over 4 years ago,
Questions on self managing out of state duplex bought w/ tenants
I just purchased my first out of state investment property which is a duplex in NW Arkansas. I wanted to give a go at self-managing the existing tenants until if/when it becomes a burden as Arkansas is a landlord friendly state and they are kind of paying below market rents so my plan is to just keep things as is and if they are a headache then I can get a property manager and advise of a rent increase.
1. The tenants lease has already expired and they are on month to month. Do I need to copy the existing lease and have them sign it with my LLC as the landlord or can I just email them that I will honor the previous lease since it is month to month? One of the tenants co-signers moved out and wanted to sign the new lease without them but I feel it would be better protection for me to just honor the existing lease as is.
2. They are currently paying rent online through Cozy. I was going to sign up for Cozy but thought I'd ask for a couple "unbiased" recommendations on "popular" tenant friendly rent payment portals.
3. As far as signing a new lease goes, I was going to sign up for docusign for 30 days unless there is a good tenant friendly free option out there to sign the new lease (if going that route) along with the lead-paint disclosure (I am sure they signed one in the past with the previous landlord but just to be safe).