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Updated about 4 years ago,
Confusing property on the MLS
Hello BP members! I have a few questions about a deal I may have found on the MLS. I'm still new and this would be my first rental property purchase. First, what steps should I take when buying a property with tenants already living there and willing to stay? Do I require the tenants to submit a new application after purchase? New lease agreement? Anything else I'm not thinking about? Second question is, is there any legal or insurance issues for landlords renting out spaces with nonconforming bedrooms? I will be reviewing my states landlord laws before even offering on this property of course. The listing is quite confusing, its listed as a 2 bed 2 BA SFH. The description mentions having tenants willing to stay. In the pics there's 2 beds and 1 bath upstairs plus living room and kitchen.(unit 1) Below grade there's pics of a kitchen, 1 bed and 1 Bath,(unit 2) bedroom has no windows. Looks like it has a separate entrance and windows in kitchen. Property features section says there's 2 bed and 1 Bath on each floor. Very confusing. I have a list of questions already for the sellers agent but would like to know what questions I should/can ask legally about the current tenants. (current rental rate, pets, jobs, etc.) Any advice would be greatly appreciated! Thanks in advance!