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Updated about 4 years ago,
Advice? Inherited tenant
Having a bit of a last minute nightmare due to my experience. I bought a duplex for my first home with intent to rent out one side so I can start a small cash flow.
I (somehow) more inexperienced than I am now and was trusting my lawyers/agents to help ensure things were all set when I signed the initial offer. Definitely mistake #1, which i started learning as I was attending webinars.
Initially the only tenant was to not stay on the property after I purchased. I found out about 2 weeks ago she was not budging, and I got wind I should be planning to inherit her.
Problem is, she was a relative and was only paying 500 a month. I started asking my realtor for the lease, etc, and said I need to review it.
Fast forward a few days, still no lease but I started learning tidbits about her stay. I was told I would get her security deposit . I asked what it was etc, found out 2 days ago she didnt pay a security deposit since she was family.
same 2 days ago I called my lawyer and he said I will need to try to get her to sign my lease, and file an eviction letter for 60 days if she doesnt. I triple checked saying, even with covid?
Now here I am having researched more and found out about the estoppel agreement, how inherited tenants work and am more concerned. I still have no copy of her lease. Closing is today at 4.
Giving me a break on all my mistakes aside, what would you do at this point?
First home, only 25 and working off my own savings.